Backblaze (NASDAQ:BLZE) Reaches New 1-Year High - Here's What Happened

Key Points

• Backblaze's stock (NASDAQ:BLZE) reached a new 52-week high of $10.24 during trading, reflecting significant interest with a volume of 132,788 shares.
• Multiple analysts have upgraded their ratings and price targets for Backblaze, with the average price target now at $10.07 and a general consensus rating of "Buy."
• Despite a positive revenue report of $36.30 million, Backblaze reported a quarterly loss, missing earnings estimates and projecting an EPS of -1.02 for the current fiscal year.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.24 and last traded at $10.12, with a volume of 132788 shares traded. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

BLZE has been the topic of several research reports. JMP Securities upped 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. Citizens Jmp initiated coverage on shares of Backblaze in a research note on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price target on the stock. Finally, Needham & Company LLC increased their price target on shares of Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $10.07.

Backblaze Price Performance

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 capitalization of $607.38 million, a P/E ratio of -12.08 and a beta of 1.19. The company has a 50-day moving average price of $7.41 and a 200-day moving average price of $5.93.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%.The company had revenue of $36.30 million during the quarter, compared to the consensus estimate of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts predict that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Institutional Investors Weigh In On Backblaze

Several large investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. increased its stake in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Backblaze by 8.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company's stock worth $161,000 after buying an additional 2,229 shares during the period. Corebridge Financial Inc. lifted its holdings in shares of Backblaze by 13.4% during the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock valued at $109,000 after purchasing an additional 2,665 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Backblaze by 34.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company's stock valued at $59,000 after purchasing an additional 2,786 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Backblaze by 3.6% during the 2nd quarter. Cerity Partners LLC now owns 109,001 shares of the company's stock valued at $600,000 after purchasing an additional 3,763 shares in the last quarter. Institutional investors own 54.03% of the company's stock.

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.