Backblaze, Inc. (NASDAQ:BLZE) Given Average Recommendation of “Buy” by Analysts

Backblaze, Inc. (NASDAQ:BLZE) has been given an average recommendation of “Buy” by the six research firms that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $10.83.

A number of analysts have weighed in on the stock. Lake Street Capital reduced their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC assumed coverage on shares of Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target for the company. Finally, B. Riley cut their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th.

Backblaze Trading Down 4.7 %

NASDAQ BLZE opened at $4.51 on Friday. Backblaze has a 12 month low of $4.33 and a 12 month high of $10.41. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock’s fifty day moving average price is $6.04 and its 200-day moving average price is $6.42. The stock has a market cap of $244.89 million, a P/E ratio of -4.06 and a beta of 0.89.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BLZE. AWM Investment Company Inc. increased its stake in shares of Backblaze by 2,664.4% in 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 purchased a new stake in Backblaze in the fourth quarter worth about $10,836,000. Thompson Siegel & Walmsley LLC bought a new position in shares of Backblaze in the fourth quarter worth about $2,956,000. P.A.W. Capital Corp purchased a new position in shares of Backblaze during the 4th quarter valued at about $1,926,000. Finally, Raymond James Financial Inc. bought a new position in shares of Backblaze during the 4th quarter valued at approximately $1,618,000. 54.03% of the stock is currently owned by institutional investors.

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.