Backblaze, Inc. (NASDAQ:BLZE) Receives Average Recommendation of “Moderate Buy” from Analysts

Backblaze, Inc. (NASDAQ:BLZE) has received an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $9.3333.

A number of equities research analysts have recently issued reports on the company. Oppenheimer upped their price objective on Backblaze from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th. Needham & Company LLC dropped their price target on shares of Backblaze from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, January 21st.

Hedge Funds Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently bought and sold shares of BLZE. Global Retirement Partners LLC bought a new stake in Backblaze in the third quarter valued at approximately $47,000. Ameritas Investment Partners Inc. increased its holdings in shares of Backblaze by 39.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock worth $30,000 after acquiring an additional 1,559 shares during the last quarter. CWM LLC raised its stake in Backblaze by 81.1% in the 2nd quarter. CWM LLC now owns 8,957 shares of the company’s stock valued at $49,000 after acquiring an additional 4,012 shares during the period. AXQ Capital LP bought a new stake in Backblaze in the 3rd quarter valued at $96,000. Finally, M&T Bank Corp acquired a new stake in Backblaze during the 4th quarter valued at $49,000. Institutional investors own 54.03% of the company’s stock.

Backblaze Trading Down 5.1%

Shares of NASDAQ:BLZE opened at $4.26 on Wednesday. The company’s 50-day moving average price is $4.80 and its two-hundred day moving average price is $6.85. Backblaze has a one year low of $3.94 and a one year high of $10.86. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $245.80 million, a PE ratio of -6.36 and a beta of 1.28.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $37.16 million during the quarter, compared to analysts’ expectations of $36.93 million. On average, equities analysts forecast that Backblaze will post -1.02 EPS for the current fiscal year.

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.