Backblaze (NASDAQ:BLZE) Receives “Underperform” Rating from William Blair

Backblaze (NASDAQ:BLZE)‘s stock had its “underperform” rating restated by research analysts at William Blair in a research note issued on Monday, MarketBeat Ratings reports.

Several other analysts have also weighed in on BLZE. Oppenheimer lowered their price objective on Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a report on Tuesday, February 24th. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, January 21st. Loop Capital set a $8.00 price target on Backblaze in a report on Tuesday, February 24th. Finally, Craig Hallum cut Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective on the stock. in a research note on Tuesday, February 24th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.21.

Backblaze Price Performance

BLZE opened at $3.66 on Monday. The company has a market capitalization of $219.97 million, a P/E ratio of -7.96 and a beta of 1.30. The company has a 50-day moving average of $4.22 and a 200-day moving average of $6.18. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. Backblaze has a 1-year low of $3.54 and a 1-year high of $10.86.

Institutional Trading of Backblaze

Several hedge funds have recently made changes to their positions in BLZE. Wasatch Advisors LP acquired a new position in Backblaze during the 3rd quarter valued at approximately $17,021,000. Pillsbury Lake Capital LLC bought a new stake in Backblaze in the fourth quarter valued at $8,058,000. Renaissance Technologies LLC boosted its holdings in shares of Backblaze by 94.5% during the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company’s stock valued at $3,778,000 after acquiring an additional 393,936 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Backblaze by 165.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company’s stock worth $4,457,000 after acquiring an additional 299,672 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new position in shares of Backblaze during the fourth quarter worth about $1,165,000. 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. 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.