Backblaze, Inc. (NASDAQ:BLZE) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Backblaze, Inc. (NASDAQ:BLZE) has received an average rating of "Buy" from seven brokerage firms, indicating strong analyst confidence in the stock.
• Recent price target revisions have seen analysts from JMP Securities and Needham & Company LLC raise their targets to $8.00 and $8.50, respectively.
• Despite reporting a larger than expected loss in earnings per share at ($0.12), Backblaze's revenue for the quarter still exceeded estimates at $36.30 million.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have received an average rating of "Buy" from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $10.0714.

A number of research analysts have recently issued reports on BLZE shares. JMP Securities boosted their price target on shares of Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Needham & Company LLC boosted their price target on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Citizens Jmp assumed coverage on shares of Backblaze in a research report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price target on the stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. lifted its position in shares of Backblaze by 39.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company's stock valued at $30,000 after acquiring an additional 1,559 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Backblaze by 300.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after acquiring an additional 5,293 shares during the period. Summit Trail Advisors LLC acquired a new position in shares of Backblaze during the 1st quarter valued at $48,000. CWM LLC lifted its position in shares of Backblaze by 81.1% during the 2nd quarter. CWM LLC now owns 8,957 shares of the company's stock valued at $49,000 after acquiring an additional 4,012 shares during the period. Finally, Corton Capital Inc. acquired a new position in shares of Backblaze during the 1st quarter valued at $52,000. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Stock Up 0.1%

Shares of NASDAQ BLZE opened at $8.70 on Friday. The company has a market capitalization of $491.55 million, a P/E ratio of -9.78 and a beta of 1.20. Backblaze has a 52-week low of $3.94 and a 52-week high of $8.85. 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 company's 50 day moving average price is $6.47 and its 200-day moving average price is $5.69.

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 during the quarter, compared to analyst estimates of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities analysts forecast that Backblaze will post -1.02 earnings per share for the current 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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