Backblaze (NASDAQ:BLZE) Stock Price Up 6.5% – Should You Buy?

Backblaze, Inc. (NASDAQ:BLZE) rose 6.5% during trading on Tuesday . The company traded as high as $8.52 and last traded at $8.6360. Approximately 93,200 shares were traded during trading, a decline of 93% from the average daily volume of 1,326,306 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a research report on Tuesday, February 24th. William Blair reiterated an “underperform” rating on shares of Backblaze in a research report on Monday, March 23rd. B. Riley Financial upgraded Backblaze to a “strong-buy” rating in a research report on Thursday, April 2nd. Finally, Loop Capital set a $8.00 target price on Backblaze in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Backblaze has an average rating of “Moderate Buy” and an average price target of $8.00.

Backblaze Stock Down 0.2%

The business has a fifty day simple moving average of $6.35 and a two-hundred day simple moving average of $5.05. 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 company has a market cap of $497.03 million, a PE ratio of -21.21 and a beta of 1.72.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share 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%. As a group, equities research analysts predict that Backblaze, Inc. will post -0.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLZE. Royal Bank of Canada lifted its holdings in Backblaze by 1,388.2% in the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after purchasing an additional 5,178 shares in the last quarter. ProShare Advisors LLC purchased a new position in shares of Backblaze during the 4th quarter worth $47,000. Oxford Asset Management LLP purchased a new position in shares of Backblaze during the 4th quarter worth $47,000. M&T Bank Corp purchased a new position in shares of Backblaze during the 4th quarter worth $49,000. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Backblaze during the 2nd quarter worth $58,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.