Backblaze, Inc. (NASDAQ:BLZE) Receives Average Recommendation of "Buy" from Analysts

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.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has been given a consensus rating of "Buy" by the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to 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.

BLZE has been the topic of a number of research analyst reports. Citizens Jmp began coverage on Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price on the stock. JMP Securities boosted their price objective on Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. Finally, Needham & Company LLC upped their price objective 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.

Institutional Trading of Backblaze

A number of hedge funds have recently made changes to their positions in BLZE. 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 worth $30,000 after acquiring an additional 1,559 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after purchasing an additional 1,992 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Backblaze by 8.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company's stock valued at $161,000 after purchasing an additional 2,229 shares during the last quarter. Corebridge Financial Inc. raised its position in Backblaze by 13.4% in the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock worth $109,000 after purchasing an additional 2,665 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in Backblaze by 34.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company's stock worth $59,000 after purchasing an additional 2,786 shares during the last quarter. 54.03% of the stock is owned by institutional investors.

Backblaze Price Performance

Backblaze stock traded down $0.36 during midday trading on Friday, reaching $9.46. 1,613,921 shares of the stock were exchanged, compared to its average volume of 672,536. Backblaze has a 52 week low of $3.94 and a 52 week high of $9.92. 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 $534.49 million, a PE ratio of -10.63 and a beta of 1.20. The company's fifty day moving average is $6.79 and its 200-day moving average is $5.76.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) 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 analysts' expectations 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. On average, sell-side analysts forecast that Backblaze will post -1.02 EPS 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.