Backblaze, Inc. (NASDAQ:BLZE) Given Average Rating of “Moderate Buy” by Brokerages

Backblaze, Inc. (NASDAQ:BLZE) has been given an average rating of “Moderate Buy” by the nine analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $7.2143.

Several equities research analysts recently issued reports on the stock. Needham & Company LLC cut their price objective on shares of Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Raymond James Financial reaffirmed an “outperform” rating on shares of Backblaze in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, January 21st. Lake Street Capital reissued a “buy” rating on shares of Backblaze in a research report on Tuesday. Finally, Citigroup restated a “market outperform” rating on shares of Backblaze in a research note on Tuesday.

Backblaze Stock Down 2.1%

NASDAQ BLZE opened at $3.76 on Friday. The business has a fifty day moving average price of $4.56 and a 200 day moving average price of $6.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $216.95 million, a P/E ratio of -8.17 and a beta of 1.28. Backblaze has a one year low of $3.67 and a one year high of $10.86.

Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its position in Backblaze by 39.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock valued at $30,000 after acquiring an additional 1,559 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Backblaze by 8.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock worth $161,000 after purchasing an additional 2,229 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its position in shares of Backblaze by 34.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company’s stock valued at $59,000 after buying an additional 2,786 shares in the last quarter. Invesco Ltd. increased its stake in shares of Backblaze by 8.3% during the 4th quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock worth $206,000 after purchasing an additional 3,363 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Backblaze by 12.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock valued at $151,000 after buying an additional 3,523 shares in the last quarter. 54.03% of the stock is 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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.