Backblaze, Inc. (NASDAQ:BLZE) Given Average Recommendation of “Moderate Buy” by Analysts

Backblaze, Inc. (NASDAQ:BLZE) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $8.00.

BLZE has been the topic of a number of analyst reports. Loop Capital set a $8.00 price target on shares of Backblaze in a research note on Tuesday, February 24th. Citizens Jmp reiterated a “market outperform” rating and issued a $8.00 price target on shares of Backblaze in a research note on Tuesday, May 5th. Needham & Company LLC boosted their target price on Backblaze from $6.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. B. Riley Financial raised Backblaze to a “strong-buy” rating in a research report on Thursday, April 2nd. Finally, Lake Street Capital boosted their target price on Backblaze from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently bought and sold shares of BLZE. AQR Capital Management LLC purchased a new position in Backblaze in the 1st quarter worth about $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Backblaze by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock worth $131,000 after buying an additional 4,060 shares during the last quarter. Millennium Management LLC raised its position in Backblaze by 32.5% in the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock worth $3,987,000 after buying an additional 202,609 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Backblaze by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock worth $1,264,000 after buying an additional 55,720 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Backblaze by 13.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock valued at $6,428,000 after purchasing an additional 139,429 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

Shares of Backblaze stock opened at $7.60 on Tuesday. The stock has a market cap of $456.76 million, a price-to-earnings ratio of -19.49 and a beta of 1.71. The firm’s 50-day moving average is $5.75 and its 200 day moving average is $4.89. Backblaze has a 1 year low of $3.26 and a 1 year high of $10.86. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $38.67 million for the quarter, compared to analysts’ expectations of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Sell-side analysts anticipate that Backblaze will post -0.33 EPS for the current fiscal 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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.