Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $10.83

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given a consensus recommendation of "Buy" by the six analysts that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $10.83.

A number of brokerages recently commented on BLZE. B. Riley reduced their price objective on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Lake Street Capital reduced their price target on Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Finally, Needham & Company LLC began coverage on Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective on the stock.

Backblaze Stock Up 1.8 %

NASDAQ BLZE traded up $0.08 during trading on Wednesday, reaching $4.54. 183,410 shares of the company's stock traded hands, compared to its average volume of 393,057. The company's 50 day simple moving average is $5.03 and its two-hundred day simple moving average is $6.13. Backblaze has a 12-month low of $3.94 and a 12-month high of $10.00. The firm has a market cap of $246.52 million, a price-to-earnings ratio of -4.09 and a beta of 1.02. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Institutional Trading of Backblaze

A number of institutional investors have recently made changes to their positions in the business. R Squared Ltd purchased a new stake in Backblaze in the fourth quarter valued at about $38,000. Tower Research Capital LLC TRC raised its position in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after purchasing an additional 5,293 shares during the last quarter. Summit Trail Advisors LLC purchased a new position in shares of Backblaze in the 1st quarter valued at approximately $48,000. ProShare Advisors LLC acquired a new stake in Backblaze in the 4th quarter worth approximately $68,000. Finally, Quantbot Technologies LP increased its stake in Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after purchasing an additional 4,393 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

About Backblaze

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.