Backblaze, Inc. (NASDAQ:BLZE) Receives $10.07 Consensus Price Target from Brokerages

Backblaze, Inc. (NASDAQ:BLZE) has been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $10.0714.

A number of analysts recently commented on BLZE shares. JMP Securities upped their price objective on shares of Backblaze from $7.00 to $8.00 and gave the company a “market outperform” rating in a research report on Friday, August 8th. Needham & Company LLC upped their price objective on shares of Backblaze from $7.00 to $8.50 and gave the company a “buy” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday. Finally, Citizens Jmp started coverage on shares of Backblaze in a research report on Tuesday, June 24th. They issued a “strong-buy” rating and a $7.00 price objective for the company.

Backblaze Stock Performance

Shares of Backblaze stock opened at $10.22 on Thursday. The firm has a fifty day moving average of $8.47 and a two-hundred day moving average of $6.29. The stock has a market capitalization of $577.43 million, a price-to-earnings ratio of -11.48 and a beta of 1.22. Backblaze has a 52 week low of $3.94 and a 52 week high of $10.83. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The business had revenue of $36.30 million for the quarter, compared to the consensus estimate of $35.41 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts predict that Backblaze will post -1.02 EPS for the current year.

Institutional Trading of Backblaze

A number of large investors have recently made changes to their positions in the company. State of Tennessee Department of Treasury bought a new stake in shares of Backblaze in the 2nd quarter valued at $139,000. Man Group plc boosted its stake in Backblaze by 205.8% in the 2nd quarter. Man Group plc now owns 89,073 shares of the company’s stock worth $490,000 after purchasing an additional 59,949 shares during the period. Lazard Asset Management LLC boosted its stake in Backblaze by 263.5% in the 2nd quarter. Lazard Asset Management LLC now owns 289,461 shares of the company’s stock worth $1,592,000 after purchasing an additional 209,838 shares during the period. Engineers Gate Manager LP boosted its stake in Backblaze by 20.7% in the 2nd quarter. Engineers Gate Manager LP now owns 60,486 shares of the company’s stock worth $333,000 after purchasing an additional 10,380 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in Backblaze by 13.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 56,245 shares of the company’s stock worth $309,000 after purchasing an additional 6,867 shares during the period. 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.