Backblaze (NASDAQ:BLZE) Stock Price Down 1.3% – Should You Sell?

Backblaze, Inc. (NASDAQ:BLZE)’s share price fell 1.3% during mid-day trading on Monday . The company traded as low as $4.47 and last traded at $4.49. 654,632 shares were traded during mid-day trading, an increase of 19% from the average session volume of 549,531 shares. The stock had previously closed at $4.55.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, January 21st. Oppenheimer upped their target price on Backblaze from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, Needham & Company LLC cut their price target on Backblaze from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Backblaze Stock Performance

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 stock has a fifty day moving average price of $4.80 and a two-hundred day moving average price of $6.86. The company has a market capitalization of $259.07 million, a price-to-earnings ratio of -6.70 and a beta of 1.28.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.03 EPS for the quarter, beating 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 analyst estimates of $36.93 million. As a group, analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Institutional investors and hedge funds have recently modified their holdings of the company. Wasatch Advisors LP acquired a new stake in Backblaze during the third quarter worth approximately $17,021,000. Arrowstreet Capital Limited Partnership lifted its stake 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 purchasing an additional 299,672 shares during the period. Shannon River Fund Management LLC acquired a new stake in shares of Backblaze during the third quarter worth $2,129,000. Two Sigma Investments LP boosted its holdings in shares of Backblaze by 160.3% during the third quarter. Two Sigma Investments LP now owns 342,323 shares of the company’s stock worth $3,177,000 after purchasing an additional 210,806 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Backblaze by 263.5% in the second quarter. Lazard Asset Management LLC now owns 289,461 shares of the company’s stock valued at $1,592,000 after purchasing an additional 209,838 shares during the period. 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. 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.