Backblaze (NASDAQ:BLZE) Trading Down 2.8% – Should You Sell?

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

Analysts Set New Price Targets

Several research firms have weighed in on BLZE. Weiss Ratings reiterated a “sell (e+)” rating on shares of Backblaze in a research report on Wednesday, August 12th. Needham & Company LLC upped their price objective on Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded Backblaze from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Citizens Jmp boosted their price target on Backblaze from $16.00 to $21.00 and gave the company a “market outperform” rating in a report on Tuesday, August 4th. Finally, Oppenheimer upped their price target on Backblaze from $15.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.71.

Backblaze Stock Down 2.7%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50-day moving average price is $14.60 and its 200 day moving average price is $8.40. The stock has a market capitalization of $978.02 million, a P/E ratio of -46.47 and a beta of 1.56.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $39.94 million. As a group, equities analysts expect that Backblaze, Inc. will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLZE. Royal Bank of Canada raised its position in shares of Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after buying an additional 5,178 shares during the last quarter. ProShare Advisors LLC bought a new stake in Backblaze in the 4th quarter valued at $47,000. Oxford Asset Management LLP purchased a new stake in Backblaze in the 4th quarter worth $47,000. M&T Bank Corp bought a new position in shares of Backblaze during the 4th quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Backblaze during the 2nd quarter valued at about $58,000. 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. 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.