Backblaze (NASDAQ:BLZE) Receives "Market Outperform" Rating from Citizens Jmp

Key Points

• Citizens Jmp restated a Market Outperform rating on Backblaze with an $8.00 price target, implying roughly a 72.41% upside; MarketBeat shows a consensus "Moderate Buy" and an average price target of $7.57 amid mixed analyst opinions.
• Backblaze beat Q1 estimates ( $0.04 EPS, $38.67M revenue), raised Q2 and FY2026 revenue guidance, and reported 24% YoY growth in B2 cloud storage with reported traction from AI-related customers.
• Despite operational momentum, the company remains unprofitable with a negative net margin and return on equity, and analysts expect FY EPS around -$0.43, highlighting ongoing profitability risk.

Backblaze (NASDAQ:BLZE - Get Free Report)'s stock had its "market outperform" rating restated by analysts at Citizens Jmp in a note issued to investors on Tuesday,Benzinga reports. They presently have a $8.00 target price on the stock. Citizens Jmp's price objective points to a potential upside of 72.41% from the company's previous close.

A number of other equities analysts have also commented on BLZE. B. Riley Financial raised shares of Backblaze to a "strong-buy" rating in a research report on Thursday, April 2nd. Lake Street Capital reissued a "buy" rating on shares of Backblaze in a research report on Tuesday, February 24th. Craig Hallum lowered shares of Backblaze from a "buy" rating to a "hold" rating and set a $4.50 price target on the stock. in a research report on Tuesday, February 24th. Citigroup reissued a "market outperform" rating on shares of Backblaze in a research report on Tuesday, February 24th. Finally, William Blair reissued an "underperform" rating on shares of Backblaze in a research report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $7.57.

Backblaze Price Performance

Shares of BLZE opened at $4.64 on Tuesday. The firm has a market cap of $278.86 million, a PE ratio of -10.09 and a beta of 1.41. The firm's 50 day moving average price is $3.80 and its 200 day moving average price is $4.99. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. Backblaze has a twelve month low of $3.26 and a twelve month high of $10.86.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share for the quarter. The firm had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative net margin of 17.56% and a negative return on equity of 27.38%. As a group, research analysts expect that Backblaze will post -0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Backblaze

A number of institutional investors and hedge funds have recently bought and sold shares of BLZE. AQR Capital Management LLC bought a new position in Backblaze during the first quarter worth $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Backblaze by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock worth $131,000 after buying an additional 4,060 shares in the last quarter. Millennium Management LLC boosted its stake in Backblaze by 32.5% during the first quarter. Millennium Management LLC now owns 825,422 shares of the company's stock worth $3,987,000 after buying an additional 202,609 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Backblaze by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company's stock worth $1,264,000 after buying an additional 55,720 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Backblaze by 13.5% during the second quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company's stock worth $6,428,000 after buying an additional 139,429 shares in the last quarter. Institutional investors own 54.03% of the company's stock.

Backblaze News Roundup

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q1 beat — Backblaze reported $0.04 EPS (vs. Zacks breakeven) and $38.67M revenue (above consensus $37.78M), reversing a year-ago loss and showing operating improvement. Backblaze, Inc. (BLZE) Tops Q1 Earnings and Revenue Estimates
• Positive Sentiment: Raised revenue guidance — Company updated Q2 revenue guidance to about $39.8M–$40.2M and FY2026 revenue to $161.5M–$163.5M, both above street expectations, signaling confidence in continued growth. Backblaze Q1 press materials and guidance
• Positive Sentiment: Product and customer traction — B2 cloud storage grew 24% YoY and management said it’s winning AI-related customers (AI training data and generative video), which supports the company’s positioning for AI-driven storage demand. Backblaze Announces First Quarter 2026 Financial Results
• Neutral Sentiment: Investor materials and call available — Management released a slide deck and held a conference call (transcripts available) discussing network traffic trends and geo-data insights; useful for due diligence but not a direct catalyst. Backblaze, Inc. (BLZE) Q1 2026 Earnings Call Transcript
• Neutral Sentiment: Operational highlights published — Additional transcript on network traffic and geo data may inform revenue mix analysis but impact on near-term profits is unclear. Backblaze, Inc. (BLZE) Discusses Quarterly Network Traffic Highlights and New Geo Data Insights Transcript
• Negative Sentiment: Still unprofitable — Company has a negative net margin and negative return on equity; sell-side still projects FY EPS around -$0.43, so profitability risks remain. MarketBeat BLZE profile
• Negative Sentiment: EPS guidance ambiguity — public filings and summaries show revenue guidance but EPS guidance details were unclear/missing in initial releases, which could leave some investors seeking clearer margin/profitability targets. Backblaze Q1 2026 report (PDF)

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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