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

Key Points

• Backblaze, Inc. (NASDAQ:BLZE) has received an average consensus rating of "Buy" from seven analysts, with a target price estimate of $10.07.
• Institutional investors hold 54.03% of Backblaze's stock, with notable increases in stakes by firms like Ameritas Investment Partners and CWM LLC.
• In its recent quarterly earnings, Backblaze reported a net loss of ($0.12) per share, missing estimates but reporting revenues of $36.30 million.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have received a consensus rating of "Buy" from the seven analysts that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $10.0714.

A number of equities research analysts have recently commented on the company. JMP Securities increased their price objective on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Needham & Company LLC increased their price objective on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Citizens Jmp assumed coverage on Backblaze in a research report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective for the company.

Institutional Trading of Backblaze

Hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. lifted its holdings in shares of Backblaze by 39.9% in 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. CWM LLC lifted its holdings in shares of Backblaze by 81.1% in the second quarter. CWM LLC now owns 8,957 shares of the company's stock valued at $49,000 after purchasing an additional 4,012 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of Backblaze in the first quarter valued at $48,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Backblaze in the second quarter valued at $58,000. Finally, Corton Capital Inc. purchased a new stake in shares of Backblaze in the first quarter valued at $52,000. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

Shares of NASDAQ BLZE opened at $9.12 on Thursday. The stock has a fifty day moving average price of $8.04 and a two-hundred day moving average price of $6.14. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $515.28 million, a P/E ratio of -10.25 and a beta of 1.22. Backblaze has a 1 year low of $3.94 and a 1 year high of $10.83.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The firm had revenue of $36.30 million for the quarter, compared to the consensus estimate of $35.41 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts forecast 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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