Backblaze (NASDAQ:BLZE) Trading Down 3.7% - Here's Why

Key Points

• Backblaze shares fell 3.7% on Thursday, closing at $9.46 after trading as low as $9.45.
• Analyst ratings show a consensus "Buy" with a price target increase, indicating positive sentiment despite recent share decline.
• The company reported earnings of ($0.12) per share, missing estimates, but exceeded revenue expectations with $36.30 million for the quarter.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) shares dropped 3.7% on Thursday . The stock traded as low as $9.45 and last traded at $9.46. Approximately 482,638 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 484,977 shares. The stock had previously closed at $9.82.

Wall Street Analyst Weigh In

BLZE has been the subject of a number of analyst reports. JMP Securities lifted their price objective on shares of Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Needham & Company LLC boosted their price target on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Citizens Jmp initiated coverage on shares of Backblaze in a research report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $10.07.

Backblaze Trading Down 3.7%

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 firm has a market cap of $534.21 million, a PE ratio of -10.66 and a beta of 1.20. The stock's 50 day simple moving average is $6.71 and its 200 day simple moving average is $5.74.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (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 analysts' expectations of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BLZE. Tower Research Capital LLC TRC raised its holdings in Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock worth $42,000 after purchasing an additional 5,293 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Backblaze by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after purchasing an additional 1,992 shares in the last quarter. Northern Trust Corp raised its holdings in Backblaze by 21.5% in the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company's stock worth $2,291,000 after purchasing an additional 67,281 shares in the last quarter. Jane Street Group LLC raised its holdings in Backblaze by 106.8% in the 4th quarter. Jane Street Group LLC now owns 51,500 shares of the company's stock worth $310,000 after purchasing an additional 26,593 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Backblaze in the 4th quarter worth $188,000. 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.

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