Backblaze, Inc. (NASDAQ:BLZE) Sees Significant Increase in Short Interest
by Mitch Edgeman · The Markets DailyBackblaze, Inc. (NASDAQ:BLZE – Get Free Report) was the target of a large growth in short interest in the month of 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. Approximately 3.5% of the company’s stock are short sold. Based on an average daily volume of 1,042,147 shares, the short-interest ratio is currently 1.9 days.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on BLZE shares. Lake Street Capital reaffirmed a “buy” rating on shares of Backblaze in a research report on Tuesday, February 24th. B. Riley Financial reduced their price objective 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. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, January 21st. Loop Capital set a $8.00 price target on Backblaze in a report on Tuesday, February 24th. Finally, Citigroup reissued a “market outperform” rating on shares of Backblaze in a research report on Tuesday, February 24th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.
Read Our Latest Stock Report on BLZE
Backblaze Stock Down 3.1%
NASDAQ:BLZE opened at $3.40 on Friday. The company’s 50-day simple moving average is $4.08 and its 200-day simple moving average is $6.01. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. Backblaze has a fifty-two week low of $3.36 and a fifty-two week high of $10.86. The stock has a market capitalization of $204.34 million, a P/E ratio of -7.39 and a beta of 1.30.
Institutional Investors Weigh In On Backblaze
Several institutional investors have recently bought and sold shares of BLZE. Royal Bank of Canada grew its holdings in Backblaze by 1,388.2% in the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Backblaze by 39.9% during the second quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock worth $30,000 after purchasing an additional 1,559 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Backblaze during the 3rd quarter valued at $47,000. ProShare Advisors LLC acquired a new stake in shares of Backblaze in the 4th quarter worth $47,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Backblaze in the 4th quarter worth $47,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.
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.