Backblaze, Inc. (NASDAQ:BLZE) Sees Large Growth in Short Interest

Backblaze, Inc. (NASDAQ:BLZE) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 620,900 shares, a growth of 32.8% from the February 13th total of 467,700 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 397,100 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. AWM Investment Company Inc. raised its stake in shares of Backblaze by 2,664.4% during the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after purchasing an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC bought a new stake in shares of Backblaze in the fourth quarter valued at approximately $10,836,000. First Eagle Investment Management LLC grew its position in Backblaze by 4.5% in the 4th quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock worth $6,986,000 after purchasing an additional 49,800 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Backblaze by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock worth $5,273,000 after purchasing an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC raised its position in Backblaze by 21.2% in the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock worth $3,749,000 after purchasing an additional 108,884 shares in the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BLZE has been the subject of a number of recent analyst reports. B. Riley reduced their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Lake Street Capital decreased their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, Needham & Company LLC started coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $10.83.

Backblaze Price Performance

NASDAQ:BLZE traded up $0.20 during trading hours on Friday, reaching $5.18. 268,539 shares of the company’s stock were exchanged, compared to its average volume of 355,047. Backblaze has a 12 month low of $4.91 and a 12 month high of $10.84. The business’s 50-day simple moving average is $6.36 and its two-hundred day simple moving average is $6.50. The company has a market capitalization of $229.99 million, a P/E ratio of -4.67 and a beta of 0.89. 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.