Backblaze (NASDAQ:BLZE) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Backblaze (NASDAQ:BLZE) released its quarterly earnings results on Monday. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06, FiscalAI reports. The company had revenue of $42.71 million for the quarter, compared to analyst estimates of $39.94 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%.

Backblaze Stock Up 13.6%

Shares of Backblaze stock traded up $1.87 during midday trading on Monday, hitting $15.59. The company had a trading volume of 4,267,464 shares, compared to its average volume of 1,963,425. Backblaze has a 52-week low of $3.26 and a 52-week high of $18.25. 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 stock has a market capitalization of $936.96 million, a P/E ratio of -39.97 and a beta of 1.55. The company has a 50 day moving average of $11.65 and a 200 day moving average of $7.05.

Wall Street Analysts Forecast Growth

BLZE has been the subject of a number of research reports. Needham & Company LLC increased their price objective on Backblaze from $8.50 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen cut shares of Backblaze from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Citizens Jmp upped their target price on shares of Backblaze from $14.00 to $16.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 23rd. B. Riley Financial increased their price target 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, Craig Hallum raised shares of Backblaze from a “hold” rating to a “buy” rating and lifted their price target for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Backblaze presently has an average rating of “Moderate Buy” and a consensus target price of $13.21.

Institutional Investors Weigh In On Backblaze

Several hedge funds have recently added to or reduced their stakes in BLZE. Royal Bank of Canada grew its stake in shares of Backblaze by 1,388.2% in 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. Oxford Asset Management LLP bought a new position in shares of Backblaze during the fourth quarter valued at $47,000. Occudo Quantitative Strategies LP purchased a new position in shares of Backblaze in the 2nd quarter worth about $58,000. Regal Investment Advisors LLC raised its position in shares of Backblaze by 41.5% in the 4th quarter. Regal Investment Advisors LLC now owns 16,145 shares of the company’s stock worth $75,000 after purchasing an additional 4,733 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Backblaze in the 2nd quarter worth about $79,000. 54.03% of the stock is 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.