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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $8.00.

A number of brokerages have commented on BLZE. B. Riley Financial upgraded shares of Backblaze to a “strong-buy” rating in a report on Thursday, April 2nd. Loop Capital set a $8.00 target price on shares of Backblaze in a report on Tuesday, February 24th. Weiss Ratings downgraded shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Wall Street Zen upgraded shares of Backblaze from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Craig Hallum lowered Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a research note on Tuesday, February 24th.

Institutional Investors Weigh In On Backblaze

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its stake in shares of Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after acquiring an additional 5,178 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of Backblaze during the fourth quarter worth about $47,000. Oxford Asset Management LLP purchased a new stake in shares of Backblaze during the fourth quarter worth about $47,000. AXQ Capital LP purchased a new stake in shares of Backblaze during the third quarter worth about $96,000. Finally, M&T Bank Corp purchased a new stake in shares of Backblaze during the fourth quarter worth about $49,000. 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 company has a market capitalization of $456.76 million, a PE ratio of -19.49 and a beta of 1.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50-day simple moving average of $5.75 and a two-hundred day simple moving average of $4.89. Backblaze has a one year low of $3.26 and a one year high of $10.86.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $38.67 million during the quarter, compared to the consensus estimate of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Research analysts expect 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.