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

Backblaze, Inc. (NASDAQ:BLZE) has earned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $12.9286.

Several analysts recently issued reports on BLZE shares. Citizens Jmp upped their price target on shares of Backblaze from $8.00 to $14.00 and gave the company a “market outperform” rating in a report on Wednesday, June 24th. William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Needham & Company LLC upped their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Finally, Citigroup reiterated an “outperform” rating on shares of Backblaze in a research note on Wednesday, June 24th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in Backblaze during the first quarter worth $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Backblaze by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock valued at $131,000 after purchasing an additional 4,060 shares during the last quarter. Millennium Management LLC increased its stake in Backblaze by 32.5% during the first quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock valued at $3,987,000 after purchasing an additional 202,609 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Backblaze by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock worth $1,264,000 after purchasing an additional 55,720 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Backblaze by 13.5% during the second quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock worth $6,428,000 after purchasing an additional 139,429 shares during the period. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Price Performance

Shares of NASDAQ BLZE opened at $15.62 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $16.59. The business has a 50 day moving average price of $8.53 and a two-hundred day moving average price of $5.73. The firm has a market cap of $938.76 million, a PE ratio of -40.05 and a beta of 1.55.

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