Backblaze, Inc. (NASDAQ:BLZE) Receives Consensus Rating of "Buy" from Brokerages

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given a consensus recommendation of "Buy" by the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $10.83.

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

Hedge Funds Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently made changes to their positions in BLZE. State Street Corp increased its position in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company's stock valued at $3,874,000 after purchasing an additional 138,917 shares during the period. Jane Street Group LLC purchased a new position in shares of Backblaze during the third quarter valued at about $159,000. Barclays PLC raised its stake in Backblaze by 124.4% in the third quarter. Barclays PLC now owns 78,205 shares of the company's stock worth $500,000 after buying an additional 43,354 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Backblaze by 2.6% in the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company's stock worth $5,525,000 after buying an additional 21,593 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company's stock valued at $801,000 after acquiring an additional 88,652 shares in the last quarter. Institutional investors own 54.03% of the company's stock.

Backblaze Price Performance

Shares of NASDAQ BLZE traded up $0.06 during trading hours on Wednesday, reaching $4.60. 45,860 shares of the stock traded hands, compared to its average volume of 392,517. The company's 50-day simple moving average is $5.03 and its two-hundred day simple moving average is $6.11. The company has a market capitalization of $249.51 million, a P/E ratio of -4.13 and a beta of 1.02. Backblaze has a 52-week low of $3.94 and a 52-week high of $10.00. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

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.