Citizens Jmp Begins Coverage on Backblaze (NASDAQ:BLZE)

Research analysts at Citizens Jmp started coverage on shares of Backblaze (NASDAQ:BLZE - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set a "mkt outperform" rating and a $7.00 price target on the stock. Citizens Jmp's target price points to a potential upside of 36.99% from the stock's previous close.

Several other analysts have also issued reports on BLZE. Lake Street Capital cut their price target on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Needham & Company LLC started coverage on Backblaze in a research note on Tuesday, March 11th. They issued a "buy" rating and a $8.00 target price for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Backblaze currently has a consensus rating of "Buy" and an average price target of $10.29.

Backblaze Price Performance

Shares of Backblaze stock opened at $5.11 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09. Backblaze has a 52-week low of $3.94 and a 52-week high of $8.08. The company has a fifty day moving average of $5.14 and a 200-day moving average of $5.73. The stock has a market capitalization of $280.54 million, a price-to-earnings ratio of -5.06 and a beta of 1.17.

Institutional Investors Weigh In On Backblaze

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in shares of Backblaze by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company's stock valued at $508,000 after acquiring an additional 2,105 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Backblaze by 60.6% in the fourth quarter. Los Angeles Capital Management LLC now owns 237,298 shares of the company's stock worth $1,429,000 after purchasing an additional 89,501 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Backblaze during the 4th quarter valued at about $1,618,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Backblaze by 50.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company's stock valued at $3,073,000 after purchasing an additional 170,513 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in Backblaze during the 4th quarter valued at approximately $2,956,000. Institutional investors 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.