Backblaze (BLZE) Scheduled to Post Earnings on Wednesday

Backblaze (NASDAQ:BLZE) is scheduled to be releasing its earnings data after the market closes on Wednesday, November 8th. Analysts expect Backblaze to post earnings of ($0.22) per share for the quarter. Backblaze has set its FY 2023 guidance at EPS and its Q3 2023 guidance at EPS.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.03. The company had revenue of $24.59 million during the quarter, compared to analysts’ expectations of $24.27 million. Backblaze had a negative return on equity of 82.97% and a negative net margin of 63.51%. On average, analysts expect Backblaze to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Backblaze Stock Up 6.9 %

Backblaze stock opened at $5.71 on Monday. The stock has a market cap of $206.13 million, a PE ratio of -3.24 and a beta of 0.59. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.88 and a current ratio of 0.88. Backblaze has a one year low of $3.50 and a one year high of $8.19. The stock has a fifty day moving average of $5.73 and a 200 day moving average of $4.95.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BLZE. Raymond James upped their price objective on Backblaze from $11.00 to $12.50 and gave the company an “outperform” rating in a research report on Thursday, August 24th. JMP Securities restated a “market outperform” rating and issued a $18.00 price target on shares of Backblaze in a research report on Friday, September 1st. Finally, Oppenheimer restated an “outperform” rating and issued a $7.50 price target on shares of Backblaze in a research report on Wednesday, August 9th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze currently has a consensus rating of “Buy” and an average target price of $11.00.

Insider Transactions at Backblaze

In other news, major shareholder Tmt Investments Plc sold 80,000 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $5.43, for a total value of $434,400.00. Following the completion of the transaction, the insider now owns 3,653,676 shares of the company’s stock, valued at $19,839,460.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 94,058 shares of company stock valued at $502,631 over the last 90 days. Company insiders own 27.14% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in Backblaze by 275.9% during the first quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock valued at $30,000 after buying an additional 2,069 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Backblaze by 23.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 14,951 shares of the company’s stock valued at $65,000 after buying an additional 2,875 shares in the last quarter. Gabelli Funds LLC purchased a new position in Backblaze during the 1st quarter valued at approximately $73,000. Barclays PLC grew its holdings in Backblaze by 29.3% during the 2nd quarter. Barclays PLC now owns 18,083 shares of the company’s stock valued at $78,000 after buying an additional 4,101 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Backblaze by 127.3% during the 4th quarter. Morgan Stanley now owns 13,354 shares of the company’s stock valued at $82,000 after buying an additional 7,480 shares in the last quarter. Institutional investors own 15.23% of the company’s stock.

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.