Backblaze, Inc. (NASDAQ:BLZE) Short Interest Update

Backblaze, Inc. (NASDAQ:BLZE) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 970,800 shares, an increase of 65.3% from the March 15th total of 587,200 shares. Currently, 2.5% of the company’s shares are short sold. Based on an average daily volume of 443,400 shares, the short-interest ratio is currently 2.2 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Backblaze by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock valued at $755,000 after acquiring an additional 5,098 shares in the last quarter. State Street Corp grew its position in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after purchasing an additional 138,917 shares during the last quarter. Jane Street Group LLC acquired a new position in Backblaze during the 3rd quarter valued at approximately $159,000. Barclays PLC raised its holdings in shares of Backblaze by 124.4% in the third quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after buying an additional 43,354 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Backblaze by 2.6% during the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after buying an additional 21,593 shares during the period. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Stock Down 1.9 %

NASDAQ BLZE traded down $0.09 on Thursday, hitting $4.60. The stock had a trading volume of 59,565 shares, compared to its average volume of 376,037. Backblaze has a 52-week low of $4.07 and a 52-week high of $10.00. The business’s fifty day moving average price is $5.69 and its 200 day moving average price is $6.30. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $249.83 million, a price-to-earnings ratio of -4.15 and a beta of 1.02.

Analyst Ratings Changes

Several equities research analysts have issued reports on BLZE shares. Lake Street Capital dropped their price target on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Needham & Company LLC assumed coverage on shares of Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 target price on the stock. Finally, B. Riley reduced their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Backblaze has a consensus rating of “Buy” and a consensus target price of $10.83.

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.