Lake Street Capital Has Lowered Expectations for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its price objective reduced by stock analysts at Lake Street Capital from $12.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 64.67% from the stock’s current price.

Other analysts also recently issued reports about the company. B. Riley dropped their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Raymond James upped their target price on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $11.40.

Backblaze Stock Up 5.5 %

NASDAQ BLZE traded up $0.35 on Wednesday, reaching $6.68. The company had a trading volume of 794,006 shares, compared to its average volume of 375,629. The company’s fifty day moving average is $6.51 and its 200-day moving average is $6.57. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The firm has a market capitalization of $296.59 million, a price-to-earnings ratio of -6.02 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Institutional Investors Weigh In On Backblaze

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AWM Investment Company Inc. grew its stake in Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after acquiring an additional 2,682,480 shares in the last quarter. Connective Capital Management LLC purchased a new position in shares of Backblaze during the fourth quarter valued at about $600,000. Virtus Investment Advisers Inc. bought a new stake in shares of Backblaze in the fourth quarter worth about $101,000. Two Sigma Investments LP increased its holdings in shares of Backblaze by 11.0% in the fourth quarter. Two Sigma Investments LP now owns 272,838 shares of the company’s stock worth $1,642,000 after purchasing an additional 27,139 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Backblaze in the fourth quarter worth about $68,000. 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.