Backblaze, Inc. (NASDAQ:BLZE) Given Average Rating of “Moderate Buy” by Brokerages
by Kim Johansen · The Markets DailyBackblaze, Inc. (NASDAQ:BLZE – Get Free Report) has received an average rating of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat.com reports. Two research analysts have 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 1-year price target among brokers that have issued ratings on the stock in the last year is $7.2143.
Several analysts have recently commented on the stock. Lake Street Capital reissued a “buy” rating on shares of Backblaze in a research note on Tuesday, February 24th. Oppenheimer dropped their price objective on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. William Blair reaffirmed an “underperform” rating on shares of Backblaze in a report on Monday, March 23rd. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a research report on Tuesday, February 24th. Finally, B. Riley Financial lowered their target price on Backblaze from $9.00 to $7.50 and set a “buy” rating for the company in a research note on Tuesday, February 24th.
Check Out Our Latest Analysis on BLZE
Backblaze Trading Down 2.6%
BLZE opened at $3.31 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $198.93 million, a PE ratio of -7.20 and a beta of 1.30. Backblaze has a 1-year low of $3.26 and a 1-year high of $10.86. The firm has a 50-day moving average price of $4.05 and a two-hundred day moving average price of $5.94.
Institutional Trading of Backblaze
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new stake in shares of Backblaze in the 2nd quarter valued at approximately $314,000. Shannon River Fund Management LLC acquired a new position in Backblaze during the third quarter valued at approximately $2,129,000. ProShare Advisors LLC bought a new stake in Backblaze in the second quarter valued at approximately $60,000. SG Americas Securities LLC bought a new stake in Backblaze in the third quarter valued at approximately $262,000. Finally, Bailard Inc. acquired a new stake in Backblaze in the third quarter worth $315,000. 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. 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.