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

Backblaze, Inc. (NASDAQ:BLZE) has been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $8.00.

A number of equities analysts have recently commented on the stock. Craig Hallum downgraded shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective for the company. in a report on Tuesday, February 24th. Wall Street Zen raised shares of Backblaze from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Needham & Company LLC raised their price objective on shares of Backblaze from $6.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Weiss Ratings downgraded shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $8.00 price objective on shares of Backblaze in a report on Tuesday, May 5th.

Hedge Funds Weigh In On Backblaze

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after purchasing an additional 5,178 shares during the last quarter. ProShare Advisors LLC bought a new position in Backblaze during the 4th quarter valued at about $47,000. Oxford Asset Management LLP bought a new position in Backblaze during the 4th quarter valued at about $47,000. AXQ Capital LP bought a new position in Backblaze during the 3rd quarter valued at about $96,000. Finally, M&T Bank Corp bought a new position in Backblaze during the 4th quarter valued at about $49,000. 54.03% of the stock is owned by institutional investors.

Backblaze Price Performance

NASDAQ:BLZE opened at $8.11 on Tuesday. The company has a 50-day moving average of $6.17 and a 200-day moving average of $5.00. The company has a market capitalization of $487.41 million, a price-to-earnings ratio of -20.79 and a beta of 1.71. Backblaze has a 52 week low of $3.26 and a 52 week high of $10.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $38.67 million during the quarter, compared to the consensus estimate of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. As a group, equities research analysts anticipate that Backblaze will post -0.33 earnings per share for the current fiscal year.

Backblaze Company Profile

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.