Short Interest in Backblaze, Inc. (NASDAQ:BLZE) Drops By 23.8%

Backblaze, Inc. (NASDAQ:BLZE) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 1,391,837 shares, a decrease of 23.8% from the March 31st total of 1,826,647 shares. Currently, 2.4% of the company’s stock are short sold. Based on an average daily volume of 513,665 shares, the days-to-cover ratio is presently 2.7 days.

Backblaze Stock Performance

Shares of BLZE traded up $0.17 on Friday, reaching $4.45. 358,534 shares of the company’s stock traded hands, compared to its average volume of 732,193. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock has a market cap of $267.45 million, a PE ratio of -9.67 and a beta of 1.30. The stock’s 50 day simple moving average is $3.80 and its two-hundred day simple moving average is $5.05. Backblaze has a 52-week low of $3.26 and a 52-week high of $10.86.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BLZE shares. Needham & Company LLC lowered their price objective on Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Lake Street Capital reissued a “buy” rating on shares of Backblaze in a research note on Tuesday, February 24th. 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. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research note on Tuesday, February 24th. Finally, William Blair reissued an “underperform” rating on shares of Backblaze in a research note on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Institutional Trading of Backblaze

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its position 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 last quarter. Global Retirement Partners LLC purchased a new stake in shares of Backblaze during the third quarter valued at approximately $47,000. ProShare Advisors LLC purchased a new stake in shares of Backblaze during the fourth quarter valued at approximately $47,000. Oxford Asset Management LLP purchased a new stake in Backblaze in the fourth quarter worth $47,000. Finally, M&T Bank Corp purchased a new stake in Backblaze in the fourth quarter worth $49,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Company Profile

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.