Backblaze (NASDAQ:BLZE) Sets New 52-Week High - What's Next?

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)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $8.89 and last traded at $8.94, with a volume of 207479 shares traded. The stock had previously closed at $8.70.

Wall Street Analyst Weigh In

Several research firms recently commented on BLZE. Citizens Jmp began coverage on Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price target on the stock. Needham & Company LLC upped 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. Finally, JMP Securities increased their price objective on Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat, Backblaze presently has an average rating of "Buy" and an average price target of $10.07.

Backblaze Price Performance

The business has a 50-day moving average price of $6.47 and a 200 day moving average price of $5.67. The company has a market cap of $516.41 million, a price-to-earnings ratio of -10.27 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.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The company had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts expect that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. increased its position in Backblaze by 39.9% during the second quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company's stock worth $30,000 after buying an additional 1,559 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after buying an additional 5,293 shares during the period. Summit Trail Advisors LLC bought a new stake in shares of Backblaze in the first quarter valued at about $48,000. CWM LLC lifted its stake in shares of Backblaze by 81.1% in the second quarter. CWM LLC now owns 8,957 shares of the company's stock valued at $49,000 after buying an additional 4,012 shares during the period. Finally, Corton Capital Inc. bought a new stake in shares of Backblaze in the first quarter valued at about $52,000. 54.03% of the stock is owned by institutional investors and hedge funds.

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 instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.