Backblaze (NASDAQ:BLZE) Shares Up 0.5%

Backblaze, Inc. (NASDAQ:BLZE – Get Rating)’s stock price shot up 0.5% during trading on Tuesday . The stock traded as high as $4.28 and last traded at $4.21. 130,479 shares changed hands during mid-day trading, an increase of 25% from the average session volume of 104,110 shares. The stock had previously closed at $4.19.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BLZE. B. Riley increased their price objective on shares of Backblaze from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. JMP Securities restated a “market outperform” rating and issued a $18.00 price target on shares of Backblaze in a research report on Wednesday, February 22nd. Craig Hallum began coverage on shares of Backblaze in a research report on Monday, March 27th. They issued a “buy” rating and a $8.00 price target for the company. Finally, Oppenheimer decreased their price target on shares of Backblaze from $8.50 to $7.50 and set an “outperform” rating for the company in a research report on Monday, April 17th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $10.70.

Backblaze Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.09 and a quick ratio of 1.09. The company’s 50-day moving average price is $4.50 and its two-hundred day moving average price is $5.27. The company has a market capitalization of $144.40 million, a price-to-earnings ratio of -2.45 and a beta of 0.45.

Institutional Investors Weigh In On Backblaze

Large investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Backblaze by 275.9% during the first quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after buying an additional 2,069 shares during the period. UMB Bank n.a. acquired a new stake in Backblaze in the fourth quarter worth $49,000. Goldman Sachs Group Inc. acquired a new stake in Backblaze in the first quarter worth $117,000. Blair William & Co. IL acquired a new stake in Backblaze in the first quarter worth $140,000. Finally, Morgan Stanley grew its holdings in Backblaze by 127.3% in the fourth quarter. Morgan Stanley now owns 13,354 shares of the company’s stock worth $82,000 after purchasing an additional 7,480 shares during the period. 12.70% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Company Profile

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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.