Backblaze (NASDAQ:BLZE) Trading Down 2.8% - What's Next?

Key Points

• Backblaze shares fell 2.8% to $15.79 in Friday trading, with volume down 86% from the average session.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy, one a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $19.71.
• Backblaze exceeded quarterly expectations, reporting $0.08 in EPS versus a $0.02 consensus estimate and $42.71 million in revenue versus $39.94 million expected, though it remains unprofitable with a negative net margin.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) shares dropped 2.8% on Friday . The company traded as low as $15.52 and last traded at $15.79. Approximately 291,890 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,155,749 shares. The stock had previously closed at $16.24.

Analyst Ratings Changes

A number of research firms have commented on BLZE. Citizens Jmp boosted their price target on shares of Backblaze from $16.00 to $21.00 and gave the stock a "market outperform" rating in a research note on Tuesday, August 4th. Citigroup restated a "market outperform" rating on shares of Backblaze in a research report on Thursday, July 23rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Backblaze in a research note on Wednesday, August 12th. Oppenheimer raised their target price on shares of Backblaze from $15.00 to $25.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Finally, William Blair raised shares of Backblaze from an "underperform" rating to a "market perform" rating in a research note on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.71.

Backblaze Stock Performance

The business's fifty day moving average is $14.60 and its two-hundred day moving average is $8.40. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $978.02 million, a PE ratio of -46.47 and a beta of 1.56.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The business had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. Equities research analysts predict that Backblaze, Inc. will post -0.26 earnings per share for the current year.

Institutional Trading of Backblaze

A number of large investors have recently made changes to their positions in BLZE. Dimensional Fund Advisors LP grew its holdings in shares of Backblaze by 152.3% in the first quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company's stock worth $1,785,000 after acquiring an additional 312,459 shares during the period. Renaissance Technologies LLC boosted its position in Backblaze by 44.6% in the first quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company's stock worth $4,046,000 after purchasing an additional 361,905 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Backblaze by 56.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company's stock worth $1,037,000 after purchasing an additional 107,876 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new stake in shares of Backblaze during the 4th quarter valued at about $699,000. Finally, GSA Capital Partners LLP increased its position in shares of Backblaze by 159.7% during the 4th quarter. GSA Capital Partners LLP now owns 299,218 shares of the company's stock valued at $1,394,000 after purchasing an additional 184,015 shares during the last quarter. 54.03% of the stock is currently 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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