Backblaze (NASDAQ:BLZE) Announces Earnings Results

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

Backblaze Stock Up 13.6%

NASDAQ BLZE traded up $1.87 during midday trading on Monday, hitting $15.59. 4,357,636 shares of the company traded hands, compared to its average volume of 1,966,039. 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 company has a market cap of $936.96 million, a PE ratio of -39.97 and a beta of 1.55. The company’s 50-day simple moving average is $11.65 and its 200-day simple moving average is $7.05. Backblaze has a 52 week low of $3.26 and a 52 week high of $18.25.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Weiss Ratings cut Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. B. Riley Financial increased their price target on Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wall Street Zen lowered Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Lake Street Capital lifted their price objective on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.21.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in Backblaze by 8.3% in the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock worth $206,000 after purchasing an additional 3,363 shares in the last quarter. Pillsbury Lake Capital LLC bought a new stake in shares of Backblaze in the 4th quarter valued at about $8,058,000. XTX Topco Ltd grew its position in shares of Backblaze by 96.0% in the 4th quarter. XTX Topco Ltd now owns 126,694 shares of the company’s stock worth $590,000 after buying an additional 62,041 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Backblaze in the 4th quarter worth approximately $131,000. Finally, Numerai GP LLC raised its stake in shares of Backblaze by 156.3% during the 4th quarter. Numerai GP LLC now owns 98,425 shares of the company’s stock worth $459,000 after acquiring an additional 60,018 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.