B. Riley Forecasts Backblaze’s FY2024 Earnings (NASDAQ:BLZE)

Backblaze, Inc. (NASDAQ:BLZE) – Equities research analysts at B. Riley lifted their FY2024 earnings per share (EPS) estimates for shares of Backblaze in a report issued on Tuesday, February 18th. B. Riley analyst Z. Cummins now forecasts that the company will post earnings per share of ($0.99) for the year, up from their prior forecast of ($1.00). B. Riley currently has a “Buy” rating and a $11.00 target price on the stock. The consensus estimate for Backblaze’s current full-year earnings is ($1.02) per share. B. Riley also issued estimates for Backblaze’s Q4 2024 earnings at ($0.21) EPS, Q1 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.72) EPS.

Separately, Raymond James increased their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Backblaze Price Performance

BLZE opened at $7.39 on Thursday. Backblaze has a 12-month low of $4.91 and a 12-month high of $12.65. The company has a market cap of $328.12 million, a price-to-earnings ratio of -6.66 and a beta of 0.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $6.50 and a two-hundred day simple moving average of $6.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in Backblaze by 241.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after buying an additional 88,652 shares during the last quarter. State Street Corp raised its holdings in shares of Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after purchasing an additional 138,917 shares during the last quarter. Geode Capital Management LLC lifted its position in Backblaze by 2.6% during the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after purchasing an additional 21,593 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Backblaze in the third quarter worth approximately $944,000. Finally, Barclays PLC grew its position in Backblaze by 124.4% in the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares during the period. 54.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of the sale, the chief executive officer now owns 1,864,646 shares of the company’s stock, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Tina Cessna sold 8,874 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the transaction, the vice president now directly owns 144,566 shares in the company, valued at $928,113.72. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.20% 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.