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

Backblaze, Inc. (NASDAQ:BLZE) has earned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $9.3333.

Several equities analysts recently issued reports on the company. Oppenheimer boosted their price objective on Backblaze from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Needham & Company LLC reduced their price target 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. JMP Securities raised their price objective on shares of Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, October 8th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th.

Institutional Investors Weigh In On Backblaze

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

Backblaze Price Performance

BLZE opened at $4.64 on Friday. The stock has a market cap of $267.73 million, a P/E ratio of -5.21 and a beta of 1.23. Backblaze has a 12 month low of $3.94 and a 12 month high of $10.86. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $8.27 and a 200 day simple moving average of $7.04.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Thursday, November 6th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.04. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%.The firm had revenue of $37.16 million for the quarter, compared to analyst estimates of $36.93 million. On average, research analysts expect that Backblaze will post -1.02 EPS for the current 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.