Backblaze, Inc. (NASDAQ:BLZE – Get Free Report) shares saw unusually-strong trading volume on Wednesday after Citizens Jmp raised their price target on the stock from $8.00 to $14.00. Citizens Jmp currently has a market outperform rating on the stock. Approximately 2,355,011 shares traded hands during mid-day trading, an increase of 46% from the previous session’s volume of 1,614,403 shares.The stock last traded at $10.8160 and had previously closed at $11.66.
BLZE has been the topic of several other reports. B. Riley Financial raised Backblaze to a “strong-buy” rating in a research report on Thursday, April 2nd. William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday. Weiss Ratings cut Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Citigroup reiterated an “outperform” rating on shares of Backblaze in a report on Wednesday. Finally, Craig Hallum raised 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 report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.50.
Check Out Our Latest Stock Analysis on BLZE
Key Headlines Impacting Backblaze
- Positive Sentiment: Backblaze announced a five-year, multi-exabyte storage agreement with CoreWeave worth $335 million, signaling strong demand for its cloud storage platform and potentially boosting future revenue. Backblaze Announces Five-Year Multi-Exabyte Data Storage Agreement with CoreWeave
- Positive Sentiment: Craig Hallum upgraded Backblaze from hold to buy and lifted its price target to $16 from $6.50, while Needham also raised its target to $14 and reiterated a buy rating, reflecting improved confidence in the company’s outlook. Analyst price target and rating updates
- Positive Sentiment: Shares saw unusual options activity, with call volume surging well above normal, suggesting traders were positioning for further upside on the CoreWeave news. Backblaze Announces Five-Year Multi-Exabyte Data Storage Agreement with CoreWeave
- Neutral Sentiment: William Blair upgraded Backblaze from underperform to market perform, a less bullish move than the other recent analyst actions but still a sign that sentiment is improving. Backblaze upgraded by William Blair
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new position in Backblaze in the 1st quarter worth about $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Backblaze by 17.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock valued at $131,000 after buying an additional 4,060 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Backblaze by 32.5% during the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock valued at $3,987,000 after buying an additional 202,609 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Backblaze by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock valued at $1,264,000 after buying an additional 55,720 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Backblaze by 13.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock valued at $6,428,000 after buying an additional 139,429 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.
Backblaze Stock Down 9.3%
The business has a fifty day moving average of $6.80 and a 200 day moving average of $5.18. The stock has a market cap of $635.92 million, a price-to-earnings ratio of -27.29 and a beta of 1.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.
Backblaze (NASDAQ:BLZE – Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. On average, equities analysts predict that Backblaze, Inc. will post -0.33 earnings per share for the current year.
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. 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.
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