Backblaze (NASDAQ:BLZE) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Backblaze (NASDAQ:BLZE) released its quarterly earnings results on Monday. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.04, FiscalAI reports. The company had revenue of $46.65 million for the quarter, compared to analyst estimates of $44.59 million. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%.

Backblaze Trading Down 2.5%

NASDAQ BLZE traded down $0.19 on Monday, hitting $7.40. 5,611,165 shares of the stock were exchanged, compared to its average volume of 2,118,923. 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 stock has a fifty day moving average price of $12.46 and a two-hundred day moving average price of $9.20. The firm has a market capitalization of $458.06 million, a P/E ratio of -21.76 and a beta of 1.64. Backblaze has a 52-week low of $3.26 and a 52-week high of $23.99.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BLZE. B. Riley Financial boosted their price target on shares of Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Oppenheimer lifted their price target on shares of Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. William Blair reaffirmed a “market perform” rating on shares of Backblaze in a research note on Friday, October 2nd. Lake Street Capital restated a “buy” rating and set a $21.00 price objective on shares of Backblaze in a research note on Tuesday, August 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Backblaze in a research report on Thursday, September 10th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.71.

Insider Buying and Selling at Backblaze

In other news, CFO Marc Suidan sold 2,110 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $15.82, for a total value of $33,380.20. Following the sale, the chief financial officer owned 349,518 shares of the company’s stock, valued at approximately $5,529,374.76. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $203,366.10. Following the completion of the sale, the chief executive officer owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. This trade represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.20% of the company’s stock.

Backblaze Company Profile

Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. The company’s offerings are designed to help customers protect, store, manage and access data without maintaining their own extensive storage infrastructure.

Its primary products include Backblaze Computer Backup, a subscription service that automatically backs up data from computers, and Backblaze B2 Cloud Storage, an object-storage platform used for applications such as backup, archiving, content storage and media workflows.