Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 22.3% in March

Backblaze, Inc. (NASDAQ:BLZE – Get Rating) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 482,800 shares, a growth of 22.3% from the March 15th total of 394,800 shares. Approximately 6.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 126,100 shares, the days-to-cover ratio is presently 3.8 days.

BLZE stock opened at 9.75 on Tuesday. The firm’s fifty day moving average price is 11.24. Backblaze has a one year low of 8.75 and a one year high of 36.50. The company has a current ratio of 2.47, a quick ratio of 2.47 and a debt-to-equity ratio of 0.21.

Backblaze (NASDAQ:BLZE – Get Rating) last announced its earnings results on Thursday, February 17th. The company reported -0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of -0.33 by -0.05. The firm had revenue of 18.70 million for the quarter, compared to analyst estimates of 18.01 million. Research analysts predict that Backblaze will post -1.49 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Backblaze in the fourth quarter worth about $1,818,000. Susquehanna International Group LLP purchased a new position in shares of Backblaze in the fourth quarter worth about $263,000. Marshall Wace LLP purchased a new position in shares of Backblaze in the fourth quarter worth about $3,382,000. Davidson Kempner Capital Management LP purchased a new position in shares of Backblaze in the fourth quarter worth about $3,374,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Backblaze in the fourth quarter worth about $422,000. Institutional investors and hedge funds own 1.51% of the company’s stock.

BLZE has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Backblaze from a “sell” rating to a “hold” rating in a report on Friday. B. Riley lowered their price target on shares of Backblaze from $29.00 to $23.00 in a research report on Friday, February 11th. Lake Street Capital lowered their price target on shares of Backblaze from $28.00 to $21.00 in a research report on Friday, February 18th. Finally, Raymond James lowered their price target on shares of Backblaze from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, February 18th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of 24.00.

Backblaze Company Profile (Get Rating)

Backblaze, Inc, a storage cloud platform, provides businesses and consumers with solutions to store, use, and protect the data worldwide. 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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