Backblaze (NASDAQ:BLZE) Trading 6.5% Higher – Here’s What Happened

Backblaze, Inc. (NASDAQ:BLZE)’s stock price was up 6.5% on Tuesday . The stock traded as high as $8.52 and last traded at $8.6360. Approximately 93,200 shares were traded during mid-day 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

Several analysts recently weighed in on BLZE shares. Lake Street Capital lifted their price target on shares of Backblaze from $8.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th. Needham & Company LLC raised their price objective on Backblaze from $6.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $8.00 target price on shares of Backblaze in a research report on Tuesday, May 5th. Finally, Loop Capital set a $8.00 target price on shares of Backblaze in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.00.

Backblaze Stock Up 3.9%

The company’s 50-day moving average is $6.17 and its 200 day moving average is $5.00. The company has a market capitalization of $506.34 million, a PE ratio of -21.50 and a beta of 1.71. 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 (NASDAQ:BLZE) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The company had revenue of $38.67 million for the quarter, compared to the consensus estimate of $37.78 million. As a group, analysts anticipate that Backblaze, Inc. will post -0.33 EPS for the current year.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently bought and sold shares of BLZE. Royal Bank of Canada lifted its stake in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after acquiring an additional 5,178 shares during the period. ProShare Advisors LLC bought a new position in Backblaze during the 4th quarter valued at about $47,000. Oxford Asset Management LLP bought a new position in Backblaze during the 4th quarter valued at about $47,000. M&T Bank Corp bought a new position in Backblaze during the 4th quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Backblaze during the 2nd quarter valued at $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.