Backblaze, Inc. (NASDAQ:BLZE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Backblaze, Inc. (NASDAQ:BLZE) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $12.9286.

Several research analysts recently issued reports on the stock. 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 report on Wednesday, June 24th. Citizens Jmp raised their price target on Backblaze from $8.00 to $14.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 24th. Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and upped their price objective for the stock from $6.50 to $16.00 in a report on Tuesday, June 23rd. Finally, Lake Street Capital increased their price objective on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th.

Institutional Trading of Backblaze

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Backblaze by 95.9% in the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company’s stock worth $3,263,000 after purchasing an additional 172,165 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in Backblaze during the fourth quarter valued at about $699,000. Shannon River Fund Management LLC bought a new position in shares of Backblaze during the third quarter valued at about $2,129,000. GSA Capital Partners LLP grew its stake in shares of Backblaze by 159.7% during the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock valued at $1,394,000 after buying an additional 184,015 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Backblaze in the fourth quarter worth about $1,165,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Trading Up 3.7%

Shares of BLZE opened at $16.42 on Friday. Backblaze has a 1-year low of $3.26 and a 1-year high of $16.60. The company has a market capitalization of $986.84 million, a P/E ratio of -42.10 and a beta of 1.55. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $9.24 and its 200 day simple moving average is $5.97.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $38.67 million during the quarter, compared to analysts’ expectations of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Sell-side analysts forecast that Backblaze will post -0.37 earnings per share for the current fiscal year.

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.