Backblaze (NASDAQ:BLZE) Stock Price Down 7.2% - Here's Why

Key Points

• Backblaze shares fell 7.2% on Monday, trading as low as $15.91 on lighter-than-usual volume before ending near $16.34, down from the prior close of $17.60.
• Analyst sentiment improved overall, with several firms raising price targets and ratings; Backblaze now has eight Buy ratings, one Hold, and one Sell, with an average target price of $12.93.
• The company posted mixed fundamentals in its latest quarterly report, beating EPS and revenue expectations but still reporting negative net margin and return on equity, with analysts expecting a loss for the current fiscal year.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report)'s stock price was down 7.2% on Monday . The stock traded as low as $15.91 and last traded at $16.3410. Approximately 614,533 shares were traded during trading, a decline of 68% from the average session volume of 1,936,937 shares. The stock had previously closed at $17.60.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BLZE shares. Citizens Jmp boosted their target price on shares of Backblaze from $8.00 to $14.00 and gave the company a "market outperform" rating in a research note on Wednesday, June 24th. Craig Hallum raised 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. B. Riley Financial lifted their price objective on shares of Backblaze from $7.00 to $16.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Wall Street Zen cut shares of Backblaze from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Needham & Company LLC upped their target price on shares of Backblaze from $8.50 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Backblaze currently has an average rating of "Moderate Buy" and an average target price of $12.93.

Backblaze Stock Down 4.8%

The firm has a market capitalization of $1.01 billion, a PE ratio of -42.92 and a beta of 1.55. The company has a fifty day simple moving average of $9.78 and a two-hundred day simple moving average of $6.15. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of Backblaze by 95.9% during the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company's stock valued at $3,263,000 after purchasing an additional 172,165 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in Backblaze in the fourth quarter worth approximately $699,000. GSA Capital Partners LLP raised its stake in Backblaze by 159.7% in the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company's stock worth $1,394,000 after buying an additional 184,015 shares in the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in Backblaze in the fourth quarter worth approximately $1,165,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Backblaze during the fourth quarter worth $712,000. 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. 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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