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

Backblaze, Inc. (NASDAQ:BLZE) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $9.3333.

Several research analysts have commented on BLZE shares. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a research report on Thursday, November 6th. Needham & Company LLC reduced their price objective on shares of Backblaze from $12.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, October 8th. Finally, Oppenheimer upped their target price on Backblaze from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th.

Backblaze Price Performance

BLZE opened at $4.58 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $7.07 and its 200 day moving average price is $7.00. Backblaze has a fifty-two week low of $3.94 and a fifty-two week high of $10.86. The firm has a market cap of $264.27 million, a price-to-earnings ratio of -6.84 and a beta of 1.28.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. Backblaze had a negative return on equity of 36.40% and a negative net margin of 24.37%.The business had revenue of $37.16 million for the quarter, compared to analysts’ expectations of $36.93 million. As a group, sell-side analysts expect that Backblaze will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. lifted its holdings in shares of Backblaze by 39.9% during the second quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock worth $30,000 after buying an additional 1,559 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Backblaze by 8.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after purchasing an additional 2,229 shares during the last quarter. Corebridge Financial Inc. boosted its position in Backblaze by 13.4% in the first quarter. Corebridge Financial Inc. now owns 22,508 shares of the company’s stock valued at $109,000 after buying an additional 2,665 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in Backblaze by 34.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company’s stock worth $59,000 after buying an additional 2,786 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in Backblaze by 3.6% during the second quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock worth $600,000 after buying an additional 3,763 shares during the last quarter. Hedge funds and other institutional investors own 54.03% 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.