B. Riley Cuts Backblaze (NASDAQ:BLZE) Price Target to $11.00

Backblaze (NASDAQ:BLZE) had its target price decreased by B. Riley from $11.50 to $11.00 in a report issued on Tuesday morning,Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for Backblaze’s Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($0.99) EPS, Q1 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.72) EPS.

Several other research firms also recently weighed in on BLZE. Raymond James lifted their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Craig Hallum lifted their target price on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, October 21st.

Backblaze Stock Performance

BLZE stock opened at $7.45 on Tuesday. The company has a market cap of $330.78 million, a P/E ratio of -6.71 and a beta of 0.92. 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. The stock’s fifty day moving average price is $6.50 and its 200-day moving average price is $6.52.

Insider Buying and Selling at Backblaze

In other Backblaze news, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the sale, the vice president now directly owns 144,566 shares of the company’s stock, valued at $928,113.72. This trade represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $66,260.82. Following the sale, the chief executive officer now directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

Institutional investors and hedge funds have recently bought and sold shares of the business. R Squared Ltd bought a new stake in Backblaze during the fourth quarter valued at about $38,000. Tower Research Capital LLC TRC increased its holdings in shares of Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after purchasing an additional 5,293 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Backblaze in the fourth quarter worth about $68,000. Quantbot Technologies LP increased its holdings in shares of Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after purchasing an additional 4,393 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after purchasing an additional 1,992 shares during the last quarter. 54.03% of the stock is 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.