Backblaze (NASDAQ:BLZE) Coverage Initiated at Citizens Jmp

Citizens Jmp started coverage on shares of Backblaze (NASDAQ:BLZE) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “strong-buy” rating and a $7.00 price target on the stock. Citizens Jmp’s target price would suggest a potential upside of 28.68% from the company’s current price.

BLZE has been the topic of several other research reports. Needham & Company LLC began coverage on shares of Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target on the stock. Lake Street Capital reduced their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $9.88.

Backblaze Stock Performance

Shares of BLZE opened at $5.44 on Tuesday. Backblaze has a 52-week low of $3.94 and a 52-week high of $8.08. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $298.66 million, a PE ratio of -5.39 and a beta of 1.17. The firm has a 50-day moving average price of $5.16 and a 200 day moving average price of $5.73.

Institutional Investors Weigh In On Backblaze

Several institutional investors and hedge funds have recently modified their holdings of the business. AWM Investment Company Inc. boosted its holdings in Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after acquiring an additional 2,682,480 shares during the period. AIGH Capital Management LLC bought a new stake in Backblaze in the fourth quarter valued at $10,836,000. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Backblaze during the 4th quarter worth about $2,956,000. Raymond James Financial Inc. acquired a new stake in shares of Backblaze during the 4th quarter worth about $1,618,000. Finally, Millennium Management LLC lifted its holdings in Backblaze by 32.5% during the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock valued at $3,987,000 after purchasing an additional 202,609 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

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.