Backblaze (NASDAQ:BLZE) Hits New 1-Year High – What’s Next?

Backblaze, Inc. (NASDAQ:BLZE)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.89 and last traded at $14.63, with a volume of 63376 shares traded. The stock had previously closed at $14.56.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BLZE. Wall Street Zen cut Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings downgraded Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Citizens Jmp raised their price objective on Backblaze from $8.00 to $14.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 24th. Citigroup restated an “outperform” rating on shares of Backblaze in a report on Wednesday, June 24th. Finally, Craig Hallum upgraded shares of Backblaze from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.93.

Backblaze Price Performance

The firm has a fifty day moving average of $7.83 and a 200 day moving average of $5.50. The company has a market capitalization of $953.19 million, a P/E ratio of -40.67 and a beta of 1.72. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The company had revenue of $38.67 million for the quarter, compared to the consensus estimate of $37.78 million. On average, equities research analysts anticipate that Backblaze, Inc. will post -0.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew 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 buying an additional 5,178 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of Backblaze during the 4th quarter worth approximately $47,000. Oxford Asset Management LLP bought a new position in shares of Backblaze during the 4th quarter valued at approximately $47,000. M&T Bank Corp bought a new position in shares of Backblaze during the 4th quarter valued at approximately $49,000. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Backblaze in the second quarter valued at $58,000. 54.03% of the stock is currently owned by institutional investors.

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.