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

Key Points

• Backblaze, Inc. (NASDAQ:BLZE) has received an average analyst rating of "Buy", with six analysts recommending a buy and one giving a strong buy rating, alongside a price target of $10.0714.
• In the second quarter, several institutional investors increased their stakes in Backblaze, with notable increases from XTX Topco Ltd (9.6%) and Rhumbline Advisers (67.4%), indicating growing institutional confidence in the company.
• Backblaze reported a net loss of ($0.12) EPS for the last quarter, missing expectations, but outperformed revenue expectations with $36.30 million in revenue compared to the forecast of $35.41 million.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been assigned a consensus rating of "Buy" from the seven ratings firms that are covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $10.0714.

Several equities analysts recently issued reports on BLZE shares. JMP Securities raised their price objective on Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Citizens Jmp started coverage on Backblaze in a research note on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective on the stock. Finally, Needham & Company LLC raised their price objective on Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th.

Institutional Investors Weigh In On Backblaze

Several large investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd increased its position in Backblaze by 9.6% in the second quarter. XTX Topco Ltd now owns 105,243 shares of the company's stock worth $579,000 after buying an additional 9,213 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Backblaze by 39.9% during the second quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company's stock valued at $30,000 after purchasing an additional 1,559 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Backblaze by 67.4% during the second quarter. Rhumbline Advisers now owns 97,840 shares of the company's stock valued at $538,000 after purchasing an additional 39,396 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of Backblaze during the second quarter valued at about $314,000. Finally, Dynamic Technology Lab Private Ltd raised its stake in shares of Backblaze by 34.9% during the second quarter. Dynamic Technology Lab Private Ltd now owns 24,207 shares of the company's stock valued at $133,000 after purchasing an additional 6,260 shares in the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Stock Performance

Backblaze stock opened at $7.87 on Wednesday. The stock has a market cap of $432.06 million, a P/E ratio of -8.84 and a beta of 1.13. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average of $5.49 and a 200-day moving average of $5.52. Backblaze has a 52 week low of $3.94 and a 52 week high of $8.08.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The business had revenue of $36.30 million for the quarter, compared to analysts' expectations of $35.41 million. On average, analysts expect that Backblaze will post -1.02 EPS for the current fiscal year.

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.

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