Backblaze, Inc. (NASDAQ:BLZE) Short Interest Update

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 1,290,000 shares, an increase of 32.9% from the March 31st total of 970,800 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily trading volume, of 503,600 shares, the short-interest ratio is presently 2.6 days.

Wall Street Analyst Weigh In

Several analysts have issued reports on BLZE shares. Lake Street Capital cut their price target on Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Needham & Company LLC began coverage on shares of Backblaze in a report on Tuesday, March 11th. They issued a "buy" rating and a $8.00 target price for the company. Finally, B. Riley decreased their price objective on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, February 18th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze has an average rating of "Buy" and an average target price of $10.83.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new position in Backblaze during the fourth quarter valued at $38,000. Tower Research Capital LLC TRC boosted its position in Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock worth $42,000 after purchasing an additional 5,293 shares in the last quarter. Summit Trail Advisors LLC acquired a new stake in shares of Backblaze during the 1st quarter worth approximately $48,000. ProShare Advisors LLC purchased a new position in shares of Backblaze during the 4th quarter valued at approximately $68,000. Finally, Quantbot Technologies LP lifted its stake in shares of Backblaze by 60.6% in 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 during the period. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Stock Down 3.0 %

BLZE stock traded down $0.14 during trading on Tuesday, hitting $4.46. 20,969 shares of the company's stock traded hands, compared to its average volume of 391,844. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $242.18 million, a P/E ratio of -4.03 and a beta of 1.03. Backblaze has a 1 year low of $3.94 and a 1 year high of $10.00. The business has a fifty day simple moving average of $4.99 and a two-hundred day simple moving average of $6.10.

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.