Backblaze (NASDAQ:BLZE) Shares Down 4.9% – Here’s What Happened

Backblaze, Inc. (NASDAQ:BLZE)’s share price was down 4.9% during trading on Friday . The stock traded as low as $19.06 and last traded at $19.4210. Approximately 545,902 shares were traded during trading, a decline of 74% from the average daily volume of 2,077,776 shares. The stock had previously closed at $20.43.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Backblaze in a report on Wednesday. B. Riley Financial lifted their price objective on Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research note on Thursday, July 23rd. Needham & Company LLC lifted their price target on shares of Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.

Backblaze Trading Down 5.9%

The company has a market capitalization of $1.19 billion, a P/E ratio of -56.37 and a beta of 1.56. The business has a fifty day moving average price of $13.54 and a 200 day moving average price of $7.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The firm had revenue of $42.71 million for the quarter, compared to analysts’ expectations of $39.94 million. On average, analysts expect that Backblaze, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Backblaze by 8.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after purchasing an additional 2,229 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Backblaze by 8.3% in the 4th quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock valued at $206,000 after acquiring an additional 3,363 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Backblaze by 12.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock valued at $151,000 after acquiring an additional 3,523 shares during the last quarter. Cerity Partners LLC raised its holdings in Backblaze by 3.6% during the second quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock worth $600,000 after acquiring an additional 3,763 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Backblaze by 31.8% during the second quarter. The Manufacturers Life Insurance Company now owns 19,292 shares of the company’s stock worth $106,000 after acquiring an additional 4,650 shares in the last quarter. Institutional investors and hedge funds 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.