Lake Street Capital Issues Pessimistic Forecast for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its price objective dropped by equities researchers at Lake Street Capital from $12.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s price target suggests a potential upside of 70.28% from the stock’s current price.

A number of other analysts have also issued reports on BLZE. B. Riley decreased 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. Raymond James upped their price target on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $11.40.

Backblaze Trading Down 3.3 %

Shares of BLZE stock opened at $6.46 on Wednesday. The stock has a market capitalization of $286.82 million, a price-to-earnings ratio of -5.82 and a beta of 0.92. The company’s fifty day simple moving average is $6.52 and its two-hundred day simple moving average is $6.57. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently added to or reduced their stakes in BLZE. AWM Investment Company Inc. grew its holdings in shares of Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after purchasing an additional 2,682,480 shares in the last quarter. Connective Capital Management LLC bought a new stake in Backblaze during the fourth quarter valued at approximately $600,000. Virtus Investment Advisers Inc. bought a new stake in Backblaze during the fourth quarter valued at approximately $101,000. Two Sigma Investments LP grew its stake in Backblaze by 11.0% in the 4th quarter. Two Sigma Investments LP now owns 272,838 shares of the company’s stock worth $1,642,000 after buying an additional 27,139 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Backblaze in the 4th quarter worth $68,000. 54.03% of the stock is currently owned by institutional investors.

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.