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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Backblaze, with eight buy ratings, one hold and one sell among 10 covering brokerages. The average 12-month price target is $19.71, above the reported $15.80 opening price.
• Backblaze’s latest quarterly results exceeded expectations, with adjusted EPS of $0.08 versus a $0.02 consensus estimate and revenue of $42.71 million compared with expectations of $39.94 million.
• Institutional investors own 54.03% of Backblaze, while several major funds recently initiated or increased positions, including Renaissance Technologies and Dimensional Fund Advisors.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $19.7143.

BLZE has been the subject of several research reports. Citizens Jmp increased their price objective on shares of Backblaze from $16.00 to $21.00 and gave the stock a "market outperform" rating in a research report on Tuesday, August 4th. Citigroup reaffirmed a "market outperform" rating on shares of Backblaze in a research report on Thursday, July 23rd. William Blair raised shares of Backblaze from an "underperform" rating to a "market perform" rating in a research note on Tuesday, June 23rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Backblaze in a report on Wednesday, August 12th. Finally, Lake Street Capital reissued a "buy" rating and issued a $21.00 price target on shares of Backblaze in a research note on Tuesday, August 4th.

Backblaze Trading Down 2.7%

NASDAQ:BLZE opened at $15.80 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00. The business's 50-day simple moving average is $14.76 and its 200-day simple moving average is $8.45. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $23.99. The stock has a market capitalization of $978.02 million, a PE ratio of -46.47 and a beta of 1.56.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.06. The business had revenue of $42.71 million during the quarter, compared to analysts' expectations of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. Sell-side analysts expect that Backblaze will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Wasatch Advisors LP bought a new stake in Backblaze in the 3rd quarter valued at approximately $17,021,000. Pillsbury Lake Capital LLC bought a new position in shares of Backblaze during the 4th quarter worth approximately $8,058,000. AWM Investment Company Inc. bought a new position in shares of Backblaze during the 2nd quarter worth approximately $22,207,000. Renaissance Technologies LLC raised its holdings in shares of Backblaze by 94.5% in the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company's stock valued at $3,778,000 after purchasing an additional 393,936 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Backblaze by 152.3% in the first quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company's stock valued at $1,785,000 after purchasing an additional 312,459 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

About Backblaze

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source