Oppenheimer Lowers Backblaze (NASDAQ:BLZE) Price Target to $8.50

Backblaze (NASDAQ:BLZEGet Rating) had its price objective decreased by investment analysts at Oppenheimer to $8.50 in a report released on Tuesday, Stock Target Advisor reports. Oppenheimer also issued estimates for Backblaze’s Q4 2022 earnings at ($0.37) EPS and FY2022 earnings at ($1.50) EPS.

Other research analysts have also recently issued research reports about the company. Raymond James decreased their price target on Backblaze from $14.50 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, November 10th. B. Riley decreased their price target on Backblaze from $11.00 to $8.50 in a research report on Thursday, November 10th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of 14.20.

Backblaze Stock Down 8.6 %

BLZE stock opened at 4.24 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.56 and a quick ratio of 1.56. Backblaze has a fifty-two week low of 3.96 and a fifty-two week high of 36.50. The stock has a market capitalization of $134.41 million and a price-to-earnings ratio of -2.72. The business’s fifty day moving average price is 4.94 and its two-hundred day moving average price is 5.75.

Institutional Trading of Backblaze

Several large investors have recently bought and sold shares of BLZE. Royal Bank of Canada boosted its stake in shares of Backblaze by 275.9% during the first quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock valued at $30,000 after purchasing an additional 2,069 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Backblaze during the first quarter valued at about $117,000. Trexquant Investment LP acquired a new stake in shares of Backblaze during the second quarter valued at about $65,000. Blair William & Co. IL acquired a new stake in shares of Backblaze during the first quarter valued at about $140,000. Finally, State Street Corp acquired a new stake in shares of Backblaze during the first quarter valued at about $261,000. 10.50% of the stock is owned by institutional investors and hedge funds.

About Backblaze

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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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