Backblaze (NASDAQ:BLZE) Stock Price Expected to Rise, Oppenheimer Analyst Says

Backblaze (NASDAQ:BLZE) had its price objective raised by analysts at Oppenheimer from $15.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price would suggest a potential upside of 16.27% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Citizens Jmp boosted their price objective on shares of Backblaze from $16.00 to $21.00 and gave the company a “market outperform” rating in a research report on Tuesday. Wall Street Zen cut Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and increased their price objective for the stock from $6.50 to $16.00 in a report on Tuesday, June 23rd. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Finally, Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Backblaze currently has an average rating of “Moderate Buy” and a consensus target price of $19.71.

Backblaze Stock Up 37.9%

NASDAQ BLZE traded up $5.91 during trading on Tuesday, reaching $21.50. 8,255,848 shares of the company’s stock were exchanged, compared to its average volume of 2,008,544. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $23.99. The firm has a market capitalization of $1.29 billion, a PE ratio of -54.75 and a beta of 1.56. 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’s fifty day simple moving average is $11.81 and its 200-day simple moving average is $7.13.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. The company had revenue of $42.71 million for the quarter, compared to analysts’ expectations of $39.94 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%. Sell-side analysts predict that Backblaze will post -0.37 EPS for the current year.

Institutional Trading of Backblaze

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position 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 acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $47,000. Oxford Asset Management LLP acquired a new position in Backblaze during the fourth quarter worth $47,000. M&T Bank Corp acquired a new stake in Backblaze in the 4th quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Backblaze in the second quarter valued at approximately $58,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Key Backblaze News

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted EPS of $0.08 versus the $0.02 consensus estimate, while revenue reached $42.71 million, ahead of expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue accelerated 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Raised outlook: Backblaze forecast third-quarter revenue of $44.4 million to $44.8 million, above the $41.2 million analyst consensus, and lifted full-year 2026 revenue guidance to $172 million-$174 million versus expectations of $162.3 million. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze Raises 2026 Revenue Outlook
• Positive Sentiment: Major CoreWeave agreement: The company highlighted a $335 million strategic agreement with AI-cloud provider CoreWeave, supporting the investment case that demand for storage serving AI and data-intensive workloads is strengthening. Backblaze Q2 Financial Results
• Positive Sentiment: Analyst support increased: Needham raised its price target to $23 and maintained a “buy” rating; B. Riley lifted its target to $24 and also issued a “buy” rating. Citizens JMP raised its target to $21 and assigned a “market outperform” rating. Needham Raises Backblaze Price Target
• Positive Sentiment: Heavy call-option activity: Investors purchased 4,948 call options, about 252% above typical daily volume, signaling increased short-term bullish speculation, although options activity can also increase volatility.
• Neutral Sentiment: Shares traded with unusually high volume and remain near their 12-month high, suggesting strong momentum but also a more demanding valuation and elevated volatility.
• Negative Sentiment: Despite the earnings beat, Backblaze remains unprofitable on a GAAP basis, with a negative net margin and negative return on equity. Citizens JMP’s $21 target is below the recent trading level, indicating limited near-term upside under that view.

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.