Analysts Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $7.21

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $7.2143.

Several equities analysts have weighed in on BLZE shares. William Blair restated an “underperform” rating on shares of Backblaze in a report on Monday, March 23rd. 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 report on Tuesday, February 24th. Loop Capital set a $8.00 target price on shares of Backblaze in a report on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, January 21st. Finally, Lake Street Capital reaffirmed a “buy” rating on shares of Backblaze in a research note on Tuesday, February 24th.

Backblaze Trading Down 3.1%

Shares of BLZE stock opened at $3.40 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 $204.34 million, a price-to-earnings ratio of -7.39 and a beta of 1.30. Backblaze has a 12-month low of $3.36 and a 12-month high of $10.86. The stock’s 50-day moving average price is $4.08 and its 200-day moving average price is $6.01.

Institutional Trading of Backblaze

A number of large investors have recently made changes to their positions in BLZE. Magnetar Financial LLC purchased a new position in Backblaze in the second quarter worth about $314,000. Shannon River Fund Management LLC purchased a new stake in Backblaze during the third quarter valued at approximately $2,129,000. ProShare Advisors LLC purchased a new stake in Backblaze during the second quarter valued at approximately $60,000. AXQ Capital LP bought a new stake in shares of Backblaze in the 3rd quarter valued at approximately $96,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Backblaze in the 3rd quarter valued at approximately $501,000. 54.03% of the stock is currently owned by institutional investors.

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.