Backblaze (NASDAQ:BLZE) Shares Down 7.8% - Time to Sell?

Key Points

• Backblaze shares fell 7.8% on Friday, trading as low as $11.77 on lighter-than-average volume before closing near $11.77.
• Analyst sentiment is mixed but still generally positive: several firms recently raised ratings or price targets, and the consensus remains Moderate Buy with a $13.21 target price.
• The company recently beat quarterly estimates with EPS of $0.04 and revenue of $38.67 million, though it still posted negative margins and analysts expect a full-year loss.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) shares fell 7.8% on Friday . The company traded as low as $11.77 and last traded at $11.7660. 845,765 shares were traded during trading, a decline of 57% from the average session volume of 1,945,642 shares. The stock had previously closed at $12.76.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of Backblaze from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. William Blair upgraded shares of Backblaze from an "underperform" rating to a "market perform" rating in a research report on Tuesday, June 23rd. Lake Street Capital upped their target price on shares of Backblaze from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Needham & Company LLC increased their price target on shares of Backblaze from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Finally, Craig Hallum upgraded shares of Backblaze from a "hold" rating to a "buy" rating and raised their price target for the stock from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.21.

Backblaze Trading Down 6.6%

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The business's fifty day moving average is $11.06 and its two-hundred day moving average is $6.75. The firm has a market cap of $715.91 million, a price-to-earnings ratio of -30.52 and a beta of 1.55.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Equities analysts anticipate that Backblaze, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Backblaze

Large investors have recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new position in Backblaze in the second quarter valued at approximately $237,000. Renaissance Technologies LLC raised its holdings in shares of Backblaze by 44.6% during the first quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company's stock worth $4,046,000 after acquiring an additional 361,905 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Backblaze by 56.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company's stock worth $1,037,000 after acquiring an additional 107,876 shares during the period. Sei Investments Co. bought a new stake in Backblaze in the 1st quarter valued at $60,000. Finally, State of Wyoming boosted its stake in Backblaze by 17.8% in the 1st quarter. State of Wyoming now owns 30,980 shares of the company's stock worth $107,000 after purchasing an additional 4,679 shares during the period. 54.03% of the stock is owned by institutional investors.

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. 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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