Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 32.8% in February

Backblaze, Inc. (NASDAQ:BLZE) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 620,900 shares, a growth of 32.8% from the February 13th total of 467,700 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 397,100 shares, the short-interest ratio is presently 1.6 days.

Institutional Investors Weigh In On Backblaze

A number of large investors have recently added to or reduced their stakes in BLZE. R Squared Ltd acquired a new stake in Backblaze during the fourth quarter worth approximately $38,000. Tower Research Capital LLC TRC boosted its holdings in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock valued at $42,000 after purchasing an additional 5,293 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Backblaze in the 4th quarter valued at $68,000. Quantbot Technologies LP boosted its holdings in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Backblaze by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after purchasing an additional 1,992 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on BLZE. Lake Street Capital dropped their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Needham & Company LLC assumed coverage on Backblaze in a research note on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, B. Riley dropped their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.83.

Backblaze Trading Up 6.2 %

Shares of NASDAQ:BLZE opened at $5.50 on Tuesday. The company has a market capitalization of $244.20 million, a P/E ratio of -4.95 and a beta of 0.89. Backblaze has a 1 year low of $4.91 and a 1 year high of $10.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The business’s 50 day simple moving average is $6.34 and its 200 day simple moving average is $6.50.

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.