Backblaze (NASDAQ:BLZE) Upgraded by Wall Street Zen to "Buy" Rating

Backblaze (NASDAQ:BLZE - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Other research analysts have also issued research reports about the stock. Craig Hallum upgraded shares of Backblaze from a "hold" rating to a "buy" rating and raised their price objective for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. B. Riley Financial boosted their target price on shares of Backblaze from $16.00 to $24.00 and gave the stock a "buy" rating in a report on Tuesday. Citizens Jmp upped their price target on shares of Backblaze from $16.00 to $21.00 and gave the company a "market outperform" rating in a research report on Tuesday. Oppenheimer raised their price target on shares of Backblaze from $15.00 to $25.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, William Blair upgraded shares of Backblaze from an "underperform" rating to a "market perform" rating in a report on Tuesday, June 23rd. Eight equities research 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $19.71.

Backblaze Price Performance

Shares of BLZE opened at $18.82 on Friday. Backblaze has a 12-month low of $3.26 and a 12-month high of $23.99. The business has a 50-day simple moving average of $12.68 and a two-hundred day simple moving average of $7.50. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.16 billion, a PE ratio of -55.35 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, beating the consensus estimate 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 firm had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. Analysts anticipate that Backblaze will post -0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Backblaze

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company's stock worth $26,000 after purchasing an additional 5,178 shares during the period. ProShare Advisors LLC acquired a new position in shares of Backblaze during the 4th quarter valued at $47,000. Oxford Asset Management LLP acquired a new position in shares of Backblaze during the 4th quarter valued at $47,000. M&T Bank Corp bought a new position in Backblaze during the fourth quarter worth $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in Backblaze during the second quarter worth $58,000. Institutional investors own 54.03% of the company's stock.

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. 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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