Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 37.8% in March

Backblaze, Inc. (NASDAQ:BLZE) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 2,020,357 shares, a growth of 37.8% from the February 26th total of 1,466,622 shares. Based on an average daily volume of 1,042,147 shares, the days-to-cover ratio is currently 1.9 days. Currently, 3.5% of the company’s stock are sold short.

Institutional Investors Weigh In On Backblaze

Institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its holdings in shares of Backblaze by 8.3% during the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock valued at $206,000 after acquiring an additional 3,363 shares in the last quarter. Pillsbury Lake Capital LLC bought a new position in Backblaze in the 4th quarter worth about $8,058,000. XTX Topco Ltd boosted its stake in Backblaze by 96.0% in the 4th quarter. XTX Topco Ltd now owns 126,694 shares of the company’s stock worth $590,000 after purchasing an additional 62,041 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Backblaze during the 4th quarter valued at about $131,000. Finally, Numerai GP LLC grew its position in Backblaze by 156.3% during the 4th quarter. Numerai GP LLC now owns 98,425 shares of the company’s stock valued at $459,000 after purchasing an additional 60,018 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Stock Down 2.6%

BLZE stock opened at $3.31 on Tuesday. Backblaze has a twelve month low of $3.26 and a twelve month high of $10.86. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The firm has a market cap of $198.93 million, a PE ratio of -7.20 and a beta of 1.30. The business has a 50 day moving average of $4.05 and a 200 day moving average of $5.94.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BLZE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, January 21st. Loop Capital set a $8.00 target price on shares of Backblaze in a report on Tuesday, February 24th. Needham & Company LLC reduced their target price on shares of Backblaze from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. William Blair reiterated an “underperform” rating on shares of Backblaze in a research note on Monday, March 23rd. Finally, B. Riley Financial lowered their price target on shares of Backblaze from $9.00 to $7.50 and set a “buy” rating for the company 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Backblaze Company Profile

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.