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

Backblaze, Inc. (NASDAQ:BLZE) has been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $8.00.

Several research analysts have recently issued reports on the stock. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th. Citizens Jmp reiterated a “market outperform” rating and issued a $8.00 price objective on shares of Backblaze in a report on Tuesday, May 5th. Wall Street Zen upgraded shares of Backblaze from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. William Blair reiterated an “underperform” rating on shares of Backblaze in a report on Monday, March 23rd. Finally, Needham & Company LLC increased their price objective on shares of Backblaze from $6.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, May 5th.

Backblaze Price Performance

NASDAQ BLZE opened at $8.11 on Tuesday. Backblaze has a 52 week low of $3.26 and a 52 week high of $10.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock has a market cap of $487.41 million, a price-to-earnings ratio of -20.79 and a beta of 1.71. The company has a 50-day moving average price of $6.17 and a two-hundred day moving average price of $5.00.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The firm had revenue of $38.67 million during the quarter, compared to analysts’ expectations of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Analysts forecast that Backblaze will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Backblaze by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock valued at $24,996,000 after acquiring an additional 134,034 shares in the last quarter. Wasatch Advisors LP bought a new stake in Backblaze during the third quarter worth approximately $17,021,000. Pillsbury Lake Capital LLC bought a new stake in Backblaze during the fourth quarter worth approximately $8,058,000. Whetstone Capital Advisors LLC boosted its holdings in Backblaze by 4.1% during the fourth quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock worth $7,083,000 after buying an additional 59,263 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Backblaze by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 1,341,863 shares of the company’s stock worth $6,255,000 after buying an additional 53,583 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors.

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.