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

Backblaze, Inc. (NASDAQ:BLZE) has received an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $10.0714.

A number of equities analysts have weighed in on BLZE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a report on Saturday, September 27th. JMP Securities lifted their price target on shares of Backblaze from $7.00 to $8.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Citizens Jmp started coverage on shares of Backblaze in a report on Tuesday, June 24th. They issued a “strong-buy” rating and a $7.00 price target on the stock. Finally, Needham & Company LLC lifted their target price on shares of Backblaze from $7.00 to $8.50 and gave the company a “buy” rating in a report on Thursday, August 7th.

Backblaze Stock Down 1.5%

Shares of NASDAQ BLZE opened at $9.54 on Thursday. Backblaze has a 1 year low of $3.94 and a 1 year high of $10.83. The firm’s 50 day moving average price is $8.29 and its 200 day moving average price is $6.24. The firm has a market cap of $539.01 million, a P/E ratio of -10.72 and a beta of 1.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%.The firm had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, sell-side analysts anticipate that Backblaze will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Tennessee Department of Treasury acquired a new position in shares of Backblaze during the 2nd quarter valued at $139,000. Man Group plc lifted its holdings in shares of Backblaze by 205.8% during the 2nd quarter. Man Group plc now owns 89,073 shares of the company’s stock valued at $490,000 after acquiring an additional 59,949 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Backblaze by 263.5% during the 2nd quarter. Lazard Asset Management LLC now owns 289,461 shares of the company’s stock valued at $1,592,000 after acquiring an additional 209,838 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Backblaze by 20.7% during the 2nd quarter. Engineers Gate Manager LP now owns 60,486 shares of the company’s stock valued at $333,000 after acquiring an additional 10,380 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Backblaze by 13.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 56,245 shares of the company’s stock valued at $309,000 after acquiring an additional 6,867 shares in the last quarter. Institutional investors and hedge funds own 54.03% 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.