Backblaze (NASDAQ:BLZE) Now Covered by Analysts at JMP Securities

JMP Securities assumed coverage on shares of Backblaze (NASDAQ:BLZE) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm issued a market outperform rating and a $7.00 price target on the stock.

Several other analysts have also recently commented on BLZE. Citizens Jmp assumed coverage on shares of Backblaze in a report on Tuesday. They set a “mkt outperform” rating and a $7.00 price target for the company. Needham & Company LLC assumed coverage on shares of Backblaze in a report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target on the stock. Finally, Lake Street Capital dropped 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. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $9.88.

Backblaze Stock Up 6.5%

NASDAQ:BLZE opened at $5.44 on Tuesday. The business’s fifty day moving average price is $5.16 and its 200 day moving average price is $5.73. The firm has a market capitalization of $298.66 million, a price-to-earnings ratio of -5.39 and a beta of 1.17. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.21. Backblaze has a 1-year low of $3.94 and a 1-year high of $8.08.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its position in Backblaze by 300.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after acquiring an additional 5,293 shares during the period. Summit Trail Advisors LLC bought a new position in shares of Backblaze during the 1st quarter worth approximately $48,000. Corton Capital Inc. bought a new stake in Backblaze in the first quarter valued at $52,000. ProShare Advisors LLC acquired a new position in Backblaze during the fourth quarter worth $68,000. Finally, Quantbot Technologies LP lifted its holdings in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after acquiring an additional 4,393 shares during the period. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.