Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $10.83

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been given an average recommendation of “Buy” by the six analysts that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $10.83.

A number of research analysts have issued reports on BLZE shares. Needham & Company LLC began coverage on Backblaze in a report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price objective for the company. B. Riley dropped their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Finally, Lake Street Capital dropped their price objective on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th.

Backblaze Price Performance

Shares of Backblaze stock opened at $5.95 on Friday. 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 firm has a fifty day moving average price of $4.91 and a two-hundred day moving average price of $5.88. Backblaze has a fifty-two week low of $3.94 and a fifty-two week high of $8.08. The company has a market cap of $326.66 million, a PE ratio of -5.36 and a beta of 1.03.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently made changes to their positions in BLZE. AWM Investment Company Inc. boosted its position in shares of Backblaze by 2,664.4% in the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after acquiring an additional 2,682,480 shares during the period. AIGH Capital Management LLC bought a new stake in Backblaze in the 4th quarter valued at about $10,836,000. Thompson Siegel & Walmsley LLC bought a new stake in Backblaze in the 4th quarter valued at about $2,956,000. P.A.W. Capital Corp bought a new stake in shares of Backblaze in the fourth quarter valued at approximately $1,926,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Backblaze in the fourth quarter valued at approximately $1,618,000. Institutional investors own 54.03% of the company’s stock.

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.