Backblaze (NASDAQ:BLZE) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Backblaze (NASDAQ:BLZE) had its price objective boosted by equities researchers at Citizens Jmp from $14.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price indicates a potential upside of 37.81% from the company’s current price.

A number of other analysts have also recently commented on BLZE. Craig Hallum upgraded shares of Backblaze from a “hold” rating to a “buy” rating and boosted their target price for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research report on Thursday. B. Riley Financial boosted their price objective on shares of Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Lake Street Capital upped their price objective on shares of Backblaze from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.21.

Backblaze Stock Down 9.0%

BLZE stock opened at $11.61 on Thursday. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $18.25. The company has a market capitalization of $697.76 million, a price-to-earnings ratio of -29.77 and a beta of 1.55. The business’s 50 day moving average price is $11.15 and its two-hundred day moving average price is $6.78. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $38.67 million during the quarter, compared to analysts’ expectations of $37.78 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%. As a group, analysts forecast that Backblaze will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently modified their holdings of BLZE. FNY Investment Advisers LLC purchased a new position in shares of Backblaze in the 2nd quarter worth about $237,000. Renaissance Technologies LLC boosted its stake in Backblaze by 44.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after purchasing an additional 361,905 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Backblaze by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock valued at $1,037,000 after purchasing an additional 107,876 shares during the last quarter. Sei Investments Co. purchased a new stake in Backblaze during the 1st quarter valued at about $60,000. Finally, State of Wyoming increased its stake in Backblaze by 17.8% during the 1st quarter. State of Wyoming now owns 30,980 shares of the company’s stock valued at $107,000 after purchasing an additional 4,679 shares in the last quarter. 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. 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.