Short Interest in Backblaze, Inc. (NASDAQ:BLZE) Expands By 32.9%

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) was the recipient of a large increase in short interest in 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 company's shares are sold short. Based on an average daily volume of 503,600 shares, the days-to-cover ratio is currently 2.6 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in Backblaze in the 4th quarter valued at about $38,000. Tower Research Capital LLC TRC raised its stake in shares of Backblaze by 300.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after acquiring an additional 5,293 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of Backblaze in the first quarter valued at approximately $48,000. ProShare Advisors LLC bought a new position in Backblaze in the fourth quarter worth approximately $68,000. Finally, Quantbot Technologies LP increased its holdings in Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock worth $70,000 after purchasing an additional 4,393 shares during the period. Hedge funds and other institutional investors own 54.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BLZE shares. Lake Street Capital lowered 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. 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 research note on Tuesday, February 18th. Finally, Needham & Company LLC assumed coverage on shares of Backblaze in a research note on Tuesday, March 11th. They set a "buy" rating and a $8.00 price target for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $10.83.

Backblaze Trading Up 2.1 %

BLZE stock traded up $0.10 during midday trading on Monday, reaching $4.64. The company's stock had a trading volume of 160,495 shares, compared to its average volume of 392,944. Backblaze has a 1 year low of $3.94 and a 1 year high of $10.00. The firm has a market capitalization of $251.68 million, a price-to-earnings ratio of -4.18 and a beta of 1.02. The stock has a fifty day simple moving average of $5.03 and a two-hundred day simple moving average of $6.11. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Backblaze Company Profile

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.