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

Backblaze, Inc. (NASDAQ:BLZE) saw a significant growth in short interest in February. As of February 27th, there was short interest totaling 1,466,622 shares, a growth of 43.1% from the February 12th total of 1,024,998 shares. Based on an average trading volume of 1,325,480 shares, the days-to-cover ratio is currently 1.1 days. Currently, 2.7% of the company’s stock are sold short. Currently, 2.7% of the company’s stock are sold short. Based on an average trading volume of 1,325,480 shares, the days-to-cover ratio is currently 1.1 days.

Backblaze Stock Down 3.2%

NASDAQ BLZE traded down $0.12 on Friday, hitting $3.64. 1,124,481 shares of the stock traded hands, compared to its average volume of 1,234,590. The company has a current ratio of 1.07, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average of $4.37 and a 200 day moving average of $6.37. Backblaze has a twelve month low of $3.54 and a twelve month high of $10.86. The company has a market capitalization of $210.03 million, a P/E ratio of -7.91 and a beta of 1.30.

Institutional Investors Weigh In On Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in BLZE. Royal Bank of Canada boosted its holdings in shares of Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after acquiring an additional 5,178 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of Backblaze by 39.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock worth $30,000 after acquiring an additional 1,559 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Backblaze in the 3rd quarter worth about $47,000. ProShare Advisors LLC bought a new stake in Backblaze in the 4th quarter valued at about $47,000. Finally, Oxford Asset Management LLP acquired a new position in Backblaze during the 4th quarter valued at about $47,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BLZE. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research report on Tuesday, February 24th. Craig Hallum cut Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a research note on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, January 21st. Oppenheimer lowered their price objective on Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Finally, B. Riley Financial dropped their price objective on Backblaze from $9.00 to $7.50 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Backblaze presently has a consensus rating of “Moderate Buy” and an average price target of $7.21.

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.