Backblaze (NASDAQ:BLZE) Reaches New 12-Month High - Here's Why

Key Points

• Backblaze's stock (NASDAQ:BLZE) reached a new 52-week high of $9.92 during trading, currently trading at $9.64 with significant trading volume.
• Several analysts have upgraded Backblaze's stock ratings, with a consensus "Buy" rating and an average price target of $10.07.
• Despite the stock's recent price increase, Backblaze reported a loss of ($0.12) EPS in its latest quarterly earnings, missing expectations but achieving revenue of $36.30 million.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $9.92 and last traded at $9.64, with a volume of 35812 shares. The stock had previously closed at $9.78.

Analyst Upgrades and Downgrades

BLZE has been the topic of a number of recent research reports. JMP Securities raised 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 increased their price objective on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Citizens Jmp assumed coverage on shares of Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat, Backblaze presently has a consensus rating of "Buy" and an average price target of $10.07.

Backblaze Stock Down 1.7%

The stock's fifty day moving average is $6.95 and its two-hundred day moving average is $5.79. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $543.36 million, a PE ratio of -10.80 and a beta of 1.19.

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 net margin of 31.72% and a negative return on equity of 54.88%. The business 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. As a group, analysts predict that Backblaze, Inc. will post -1.02 EPS for the current year.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently modified their holdings of BLZE. Price T Rowe Associates Inc. MD increased its position in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after buying an additional 1,992 shares during the period. Northern Trust Corp increased its position in shares of Backblaze by 21.5% during the fourth quarter. Northern Trust Corp now owns 380,538 shares of the company's stock valued at $2,291,000 after buying an additional 67,281 shares during the period. Jane Street Group LLC increased its position in shares of Backblaze by 106.8% during the fourth quarter. Jane Street Group LLC now owns 51,500 shares of the company's stock valued at $310,000 after buying an additional 26,593 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Backblaze during the fourth quarter valued at about $188,000. Finally, Bank of America Corp DE increased its position in shares of Backblaze by 53.9% during the fourth quarter. Bank of America Corp DE now owns 51,953 shares of the company's stock valued at $313,000 after buying an additional 18,193 shares during the period. 54.03% of the stock is currently owned by institutional investors.

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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