Backblaze, Inc. (NASDAQ:BLZE) Given Average Rating of “Moderate Buy” by Analysts

Backblaze, Inc. (NASDAQ:BLZE) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $13.2143.

Several analysts have weighed in on BLZE shares. Citizens Jmp raised their price target on Backblaze from $14.00 to $16.00 and gave the company a “market outperform” rating in a report on Thursday, July 23rd. Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Craig Hallum upgraded shares of Backblaze from a “hold” rating to a “buy” rating and upped their price objective for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Citigroup restated a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Finally, B. Riley Financial raised their target price on shares of Backblaze from $7.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th.

Institutional Trading of Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in BLZE. JPMorgan Chase & Co. grew its position in Backblaze by 95.9% in the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company’s stock worth $3,263,000 after acquiring an additional 172,165 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in Backblaze in the fourth quarter valued at $699,000. GSA Capital Partners LLP raised its position in Backblaze by 159.7% during the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock valued at $1,394,000 after purchasing an additional 184,015 shares in the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new stake in Backblaze during the fourth quarter valued at about $1,165,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Backblaze during the fourth quarter worth about $712,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

Shares of BLZE stock opened at $13.72 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. Backblaze has a 52-week low of $3.26 and a 52-week high of $18.25. The company has a market capitalization of $824.57 million, a PE ratio of -35.18 and a beta of 1.56. The business’s fifty day moving average is $11.65 and its 200 day moving average is $7.05.

Backblaze (NASDAQ:BLZE) last posted 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 company had revenue of $38.67 million during the quarter, compared to analyst estimates of $37.78 million. On average, equities research analysts anticipate that Backblaze will post -0.37 EPS for the current fiscal year.

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.