JMP Securities Begins Coverage on Backblaze (NASDAQ:BLZE)

Equities researchers at JMP Securities began coverage on shares of Backblaze (NASDAQ:BLZE - Get Free Report) in a research report issued on Tuesday,Benzinga reports. The firm set a "market outperform" rating and a $7.00 price target on the stock. JMP Securities' target price indicates a potential upside of 34.51% from the company's previous close.

Several other brokerages have also recently issued reports on BLZE. Needham & Company LLC began coverage on Backblaze in a research note on Tuesday, March 11th. They issued a "buy" rating and a $8.00 price objective for the company. Citizens Jmp started coverage on shares of Backblaze in a report on Tuesday. They set a "mkt outperform" rating and a $7.00 price target for the company. Finally, Lake Street Capital dropped their price objective on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze has a consensus rating of "Buy" and an average target price of $9.88.

Backblaze Trading Up 1.8%

NASDAQ:BLZE opened at $5.20 on Tuesday. Backblaze has a 12-month low of $3.94 and a 12-month high of $8.08. The firm has a market cap of $285.70 million, a PE ratio of -5.16 and a beta of 1.17. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $5.14 and a 200 day moving average price of $5.73.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its stake in Backblaze by 300.9% in 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 acquired a new stake in shares of Backblaze in the 1st quarter valued at about $48,000. Corton Capital Inc. purchased a new position in Backblaze during the 1st quarter worth approximately $52,000. ProShare Advisors LLC acquired a new position in Backblaze during the fourth quarter worth approximately $68,000. Finally, Quantbot Technologies LP lifted its stake in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after buying an additional 4,393 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.

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