Backblaze (NASDAQ:BLZE) Hits New 52-Week High – Time to Buy?

Shares of Backblaze, Inc. (NASDAQ:BLZE) hit a new 52-week high on Monday . The company traded as high as $14.89 and last traded at $14.63, with a volume of 63376 shares trading hands. The stock had previously closed at $14.56.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BLZE. Needham & Company LLC lifted their target price on Backblaze from $8.50 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Citigroup reiterated an “outperform” rating on shares of Backblaze in a report on Wednesday, June 24th. Craig Hallum raised shares of Backblaze from a “hold” rating to a “buy” rating and raised their price target for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Eight 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.93.

Backblaze Price Performance

The firm has a 50-day simple moving average of $7.38 and a two-hundred day simple moving average of $5.35. The company has a market capitalization of $902.28 million, a price-to-earnings ratio of -38.16 and a beta of 1.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%.The business had revenue of $38.67 million during the quarter, compared to analysts’ expectations of $37.78 million. As a group, analysts predict that Backblaze, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BLZE. Royal Bank of Canada grew its stake in shares of Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares during the period. ProShare Advisors LLC purchased a new position in shares of Backblaze during the 4th quarter valued at approximately $47,000. Oxford Asset Management LLP acquired a new position in shares of Backblaze in the 4th quarter valued at $47,000. M&T Bank Corp acquired a new position in shares of Backblaze in the 4th quarter valued at $49,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in Backblaze during the second quarter worth $58,000. 54.03% of the stock is owned by institutional investors and hedge funds.

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.