William Blair Reiterates “Underperform” Rating for Backblaze (NASDAQ:BLZE)

Backblaze (NASDAQ:BLZE)‘s stock had its “underperform” rating reaffirmed by equities researchers at William Blair in a note issued to investors on Monday, Marketbeat reports.

A number of other analysts also recently commented on the stock. Needham & Company LLC cut their price objective on shares of Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Oppenheimer lowered their target price on Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings restated 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, Lake Street Capital reiterated a “buy” rating on shares of Backblaze in a research report on Tuesday, February 24th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $7.21.

Backblaze Stock Performance

NASDAQ:BLZE opened at $3.56 on Monday. The company’s 50-day moving average price is $4.17 and its 200-day moving average price is $6.11. 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 company has a market cap of $213.96 million, a P/E ratio of -7.74 and a beta of 1.30. Backblaze has a twelve month low of $3.52 and a twelve month high of $10.86.

Institutional Trading of Backblaze

Hedge funds have recently made changes to their positions in the company. AWM Investment Company Inc. raised its position in shares of Backblaze by 0.7% during the 2nd quarter. AWM Investment Company Inc. now owns 3,064,526 shares of the company’s stock valued at $16,855,000 after buying an additional 20,600 shares during the period. Vanguard Group Inc. grew its position in Backblaze by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock worth $24,996,000 after acquiring an additional 134,034 shares during the period. Wasatch Advisors LP acquired a new stake in Backblaze during the third quarter worth $17,021,000. Pillsbury Lake Capital LLC acquired a new stake in Backblaze during the fourth quarter worth $8,058,000. Finally, Whetstone Capital Advisors LLC raised its position in Backblaze by 4.1% in the fourth quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,263 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.