Backblaze (NASDAQ:BLZE) Reaches New 1-Year High - Time to Buy?

Key Points

• Backblaze, Inc. (NASDAQ:BLZE) hit a new 52-week high of $8.94 during trading, marking a significant increase from its previous close of $8.70.
• Analysts have shown optimism towards Backblaze, with several firms raising their price targets, resulting in an average target of $10.07 for the stock.
• The company reported a quarterly earnings miss at ($0.12) EPS, despite exceeding revenue estimates with $36.30 million.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $8.89 and last traded at $8.94, with a volume of 207479 shares. The stock had previously closed at $8.70.

Wall Street Analyst Weigh In

A number of research firms have commented on BLZE. Needham & Company LLC raised their target price on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a report on Thursday, August 7th. JMP Securities raised their target price on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Finally, Citizens Jmp began coverage on Backblaze in a report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $10.07.

Backblaze Stock Down 0.1%

The firm has a market cap of $533.93 million, a price-to-earnings ratio of -10.62 and a beta of 1.20. 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 firm has a 50 day moving average price of $6.87 and a 200-day moving average price of $5.78.

Backblaze (NASDAQ:BLZE - Get Free Report) last released 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). The firm had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current year.

Institutional Trading of Backblaze

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. increased its position in Backblaze by 39.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company's stock worth $30,000 after purchasing an additional 1,559 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after purchasing an additional 1,992 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 purchasing an additional 2,229 shares in the last quarter. Corebridge Financial Inc. grew its holdings in Backblaze by 13.4% in the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock valued at $109,000 after buying an additional 2,665 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in Backblaze by 34.7% in 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 buying an additional 2,786 shares during the period. Hedge funds and other 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.