Backblaze (NASDAQ:BLZE) Shares Up 7.6% – Here’s What Happened

Backblaze, Inc. (NASDAQ:BLZE)’s share price traded up 7.6% during mid-day trading on Tuesday . The stock traded as high as $16.30 and last traded at $16.46. Approximately 1,434,918 shares were traded during mid-day trading, a decline of 25% from the average session volume of 1,923,555 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BLZE shares. Craig Hallum raised shares of Backblaze from a “hold” rating to a “buy” rating and boosted their target price for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. B. Riley Financial raised their price target on shares of Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Citigroup restated an “outperform” rating on shares of Backblaze in a report on Wednesday, June 24th. William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Finally, Needham & Company LLC increased their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.93.

Backblaze Stock Up 2.4%

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -43.07 and a beta of 1.55. The business has a 50 day moving average of $9.24 and a 200 day moving average of $5.97. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $38.67 million for the quarter, compared to the consensus estimate of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. On average, equities analysts anticipate that Backblaze, Inc. will post -0.37 EPS for the current year.

Institutional Trading of Backblaze

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP bought a new position in Backblaze during the third quarter worth about $17,021,000. Pillsbury Lake Capital LLC acquired a new position in shares of Backblaze in the 4th quarter worth approximately $8,058,000. Renaissance Technologies LLC lifted its position in shares of Backblaze by 94.5% during the 4th quarter. Renaissance Technologies LLC now owns 810,752 shares of the company’s stock worth $3,778,000 after buying an additional 393,936 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Backblaze by 152.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company’s stock worth $1,785,000 after buying an additional 312,459 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Backblaze by 165.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company’s stock worth $4,457,000 after buying an additional 299,672 shares during the period. 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.