B. Riley Financial Cuts Backblaze (NASDAQ:BLZE) Price Target to $7.50

Backblaze (NASDAQ:BLZE) had its price objective trimmed by B. Riley Financial from $9.00 to $7.50 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on BLZE. Needham & Company LLC cut their target price on Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday. Craig Hallum cut shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, January 21st. Oppenheimer decreased their price target on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a report on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Backblaze has an average rating of “Moderate Buy” and an average price target of $7.21.

Backblaze Stock Down 2.3%

Backblaze stock opened at $3.84 on Tuesday. Backblaze has a 52 week low of $3.67 and a 52 week high of $10.86. The stock has a market cap of $221.57 million, a price-to-earnings ratio of -8.35 and a beta of 1.28. The company’s 50-day moving average price is $4.58 and its two-hundred day moving average price is $6.67. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP acquired a new stake in shares of Backblaze during the 3rd quarter valued at about $17,021,000. Pillsbury Lake Capital LLC bought a new stake in Backblaze in the fourth quarter worth approximately $8,058,000. Renaissance Technologies LLC increased its stake in shares of Backblaze by 94.5% during the 4th quarter. Renaissance Technologies LLC now owns 810,752 shares of the company’s stock worth $3,778,000 after purchasing an additional 393,936 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Backblaze by 165.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company’s stock valued at $4,457,000 after purchasing an additional 299,672 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Backblaze in the 4th quarter valued at $1,165,000. Hedge funds and other 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.