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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have earned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $8.00.

A number of research firms have recently issued reports on BLZE. Loop Capital set a $8.00 target price on Backblaze in a report on Tuesday, February 24th. Weiss Ratings downgraded Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Citizens Jmp restated 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 lifted their price target on Backblaze from $6.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Oppenheimer decreased their price target on Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th.

Institutional Trading of Backblaze

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Backblaze by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock valued at $24,996,000 after buying an additional 134,034 shares in the last quarter. Wasatch Advisors LP purchased a new stake in shares of Backblaze in the third quarter valued at approximately $17,021,000. Pillsbury Lake Capital LLC purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $8,058,000. Whetstone Capital Advisors LLC boosted its stake in shares of Backblaze by 4.1% in the fourth quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock valued at $7,083,000 after buying an additional 59,263 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Backblaze by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 1,341,863 shares of the company’s stock valued at $6,255,000 after buying an additional 53,583 shares in the last quarter. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Trading Up 3.5%

NASDAQ:BLZE opened at $7.92 on Tuesday. The firm has a market cap of $475.99 million, a P/E ratio of -20.31 and a beta of 1.72. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $6.08 and its 200-day simple moving average is $4.97. Backblaze has a 12-month low of $3.26 and a 12-month high of $10.86.

Backblaze (NASDAQ:BLZE) last released 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 business 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%. Equities analysts anticipate that Backblaze will post -0.33 EPS for the current 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.