Backblaze (NASDAQ:BLZE) Trading 9.4% Higher - Here's What Happened

Key Points

• Backblaze's stock surged by 9.4%, reaching a high of $10.27 during mid-day trading, up from a previous close of $9.37, although trading volume experienced a slight decline.
• Equities research analysts have issued mixed ratings on Backblaze, with one "Strong Buy," six "Buy," and one "Sell," leading to a consensus target price of $10.07.
• Despite reporting a revenue of $36.30 million in its latest quarterly earnings, Backblaze missed analysts' earnings expectations, reflecting a negative net margin of 31.72%.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) traded up 9.4% during mid-day trading on Wednesday . The company traded as high as $10.27 and last traded at $10.25. 503,055 shares were traded during trading, a decline of 2% from the average session volume of 515,515 shares. The stock had previously closed at $9.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Citizens Jmp assumed coverage on shares of Backblaze in a research report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective for the company. Needham & Company LLC upped their target price on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Backblaze in a report on Wednesday. Finally, JMP Securities upped their target price on shares of Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.07.

Backblaze Trading Up 9.1%

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08. The stock's fifty day moving average is $8.37 and its 200 day moving average is $6.26. The stock has a market cap of $577.43 million, a P/E ratio of -11.48 and a beta of 1.22.

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

Institutional Trading of Backblaze

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. raised its position in Backblaze by 39.9% in 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 during the period. CWM LLC increased its position in shares of Backblaze by 81.1% during the second quarter. CWM LLC now owns 8,957 shares of the company's stock worth $49,000 after acquiring an additional 4,012 shares during the period. Summit Trail Advisors LLC purchased a new position in shares of Backblaze during the first quarter worth approximately $48,000. Occudo Quantitative Strategies LP purchased a new position in shares of Backblaze during the second quarter worth approximately $58,000. Finally, Corton Capital Inc. purchased a new position in shares of Backblaze during the first quarter worth approximately $52,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.

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