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

Key Points

• Backblaze holds a “Moderate Buy” consensus among 10 analysts, with eight buy ratings, one hold, and one sell. The average 12-month price target is $13.21, above the reported $12.07 share price.
• Several analysts recently raised their views on BLZE, including Needham and Lake Street, which lifted their targets to $14, while Craig Hallum upgraded the stock to “buy” and raised its target to $16.
• Backblaze exceeded quarterly expectations with adjusted EPS of $0.04 versus a $0.02 estimate and revenue of $38.67 million, though it remains unprofitable; institutional investors own 54.03% of the company.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has been given an average recommendation of "Moderate Buy" by the ten ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $13.2143.

Several equities analysts recently issued reports on BLZE shares. Needham & Company LLC boosted their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. William Blair upgraded shares of Backblaze from an "underperform" rating to a "market perform" rating in a research report on Tuesday, June 23rd. Lake Street Capital increased their target price on shares of Backblaze from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Citigroup restated a "market outperform" rating on shares of Backblaze in a research note on Thursday, July 23rd. Finally, Craig Hallum raised Backblaze from a "hold" rating to a "buy" rating and upped their price target for the stock from $6.50 to $16.00 in a report on Tuesday, June 23rd.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in Backblaze during the second quarter worth $237,000. Renaissance Technologies LLC increased its stake in shares of Backblaze by 44.6% during the first quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company's stock worth $4,046,000 after purchasing an additional 361,905 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Backblaze by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company's stock worth $1,037,000 after purchasing an additional 107,876 shares during the last quarter. Sei Investments Co. purchased a new position in Backblaze in the 1st quarter valued at about $60,000. Finally, State of Wyoming lifted its stake in Backblaze by 17.8% in the 1st quarter. State of Wyoming now owns 30,980 shares of the company's stock valued at $107,000 after buying an additional 4,679 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Stock Down 1.9%

Shares of BLZE stock opened at $12.07 on Wednesday. The stock has a 50 day moving average of $11.34 and a 200 day moving average of $6.90. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock has a market cap of $725.41 million, a P/E ratio of -30.95 and a beta of 1.55. Backblaze has a twelve month low of $3.26 and a twelve month high of $18.25.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The business had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%. As a group, sell-side analysts expect that Backblaze will post -0.37 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. 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.

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