Backblaze (NASDAQ:BLZE) Issues Earnings Results, Beats Expectations By $0.06 EPS

Backblaze (NASDAQ:BLZE) announced its quarterly earnings results on Monday. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06, FiscalAI reports. The business had revenue of $42.71 million during the quarter, compared to analysts’ expectations of $39.94 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%.

Backblaze Trading Up 13.6%

NASDAQ:BLZE traded up $1.87 during trading hours on Monday, hitting $15.59. The company had a trading volume of 4,267,464 shares, compared to its average volume of 1,963,425. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50-day moving average price of $11.65 and a 200 day moving average price of $7.05. The company has a market capitalization of $936.96 million, a PE ratio of -39.97 and a beta of 1.55. Backblaze has a 52 week low of $3.26 and a 52 week high of $18.25.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BLZE. Lake Street Capital boosted their price objective on shares of Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. B. Riley Financial increased their target price on shares of Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Citizens Jmp raised their target price on Backblaze from $14.00 to $16.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 23rd. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and upped their price target for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Finally, William Blair raised Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.21.

Institutional Investors Weigh In On Backblaze

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Backblaze by 8.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after buying an additional 2,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Backblaze by 12.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock worth $151,000 after buying an additional 3,523 shares during the period. Brevan Howard Capital Management LP bought a new stake in Backblaze during the 3rd quarter valued at approximately $143,000. State of Tennessee Department of Treasury bought a new stake in Backblaze during the 2nd quarter valued at approximately $139,000. Finally, Quadrature Capital Ltd bought a new stake in Backblaze during the 4th quarter valued at approximately $131,000. 54.03% of the stock is owned by hedge funds and other 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.