Backblaze, Inc. (NASDAQ:BLZE – Get Rating) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 242,600 shares, a drop of 22.0% from the June 30th total of 311,100 shares. Based on an average trading volume of 130,500 shares, the short-interest ratio is presently 1.9 days. Approximately 3.4% of the company’s stock are sold short.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on BLZE shares. Lake Street Capital dropped their target price on Backblaze from $21.00 to $13.00 in a report on Friday, May 6th. B. Riley dropped their target price on Backblaze from $23.00 to $16.50 in a report on Friday, May 6th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of 20.38.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its stake in Backblaze by 275.9% in the 1st quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after acquiring an additional 2,069 shares during the period. Goldman Sachs Group Inc. purchased a new stake in shares of Backblaze during the 1st quarter valued at $117,000. State Street Corp purchased a new stake in shares of Backblaze during the 1st quarter valued at $261,000. Renaissance Technologies LLC purchased a new stake in shares of Backblaze during the 1st quarter valued at $620,000. Finally, Vanguard Group Inc. grew its stake in shares of Backblaze by 269.7% during the 1st quarter. Vanguard Group Inc. now owns 412,992 shares of the company’s stock valued at $4,407,000 after buying an additional 301,271 shares during the period. 12.85% of the stock is owned by hedge funds and other institutional investors.
Backblaze Trading Up 0.5 %
Shares of BLZE opened at 5.62 on Monday. Backblaze has a fifty-two week low of 4.81 and a fifty-two week high of 36.50. The firm has a 50-day simple moving average of 5.44 and a 200-day simple moving average of 8.92. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.22.
Backblaze (NASDAQ:BLZE – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported -0.41 earnings per share for the quarter, missing analysts’ consensus estimates of -0.37 by -0.04. The firm had revenue of 19.49 million for the quarter, compared to analyst estimates of 19.31 million. Equities analysts forecast that Backblaze will post -1.62 EPS for the current year.
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.