Backblaze’s (BLZE) Underperform Rating Reaffirmed at William Blair

William Blair reissued their underperform rating on shares of Backblaze (NASDAQ:BLZE) in a research report report published on Monday morning, MarketBeat.com reports.

A number of other equities research analysts have also issued reports on BLZE. B. Riley Financial decreased their target price on shares of Backblaze from $9.00 to $7.50 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Loop Capital set a $8.00 price target on shares of Backblaze in a research note on Tuesday, February 24th. Needham & Company LLC cut their price objective on Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, January 21st. Finally, Craig Hallum lowered Backblaze from a “buy” rating to a “hold” rating and set a $4.50 target price on the stock. in a research report on Tuesday, February 24th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Backblaze currently has an average rating of “Moderate Buy” and an average price target of $7.21.

Backblaze Price Performance

NASDAQ BLZE opened at $3.65 on Monday. The company has a 50 day simple moving average of $4.19 and a 200-day simple moving average of $6.14. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $219.37 million, a price-to-earnings ratio of -7.93 and a beta of 1.30. Backblaze has a 52-week low of $3.54 and a 52-week high of $10.86.

Hedge Funds Weigh In On Backblaze

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after acquiring an additional 5,178 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of 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 in the last quarter. Global Retirement Partners LLC acquired a new stake in Backblaze in the 3rd quarter worth approximately $47,000. ProShare Advisors LLC acquired a new stake in Backblaze in the 4th quarter worth approximately $47,000. Finally, Oxford Asset Management LLP bought a new stake in Backblaze during the fourth quarter worth approximately $47,000. 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.