Backblaze (NASDAQ:BLZE) Reaches New 1-Year High After Better-Than-Expected Earnings

Posted by Brenda Bartman on Aug 4th, 2026

Shares of Backblaze, Inc. (NASDAQ:BLZE – Get Free Report) hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $18.99 and last traded at $22.6970, with a volume of 134544 shares traded. The stock had previously closed at $15.59.

The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. The company had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%.

Key Backblaze News

Here are the key news stories impacting Backblaze this week:

Positive Sentiment: Needham raises price target and maintains Buy rating: Needham & Company increased its price target for Backblaze from $14 to $23 while assigning a “Buy” rating, implying substantial potential upside from the current trading level. Benzinga report
Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted earnings of $0.08 per share, compared with the $0.02 analyst consensus, while revenue reached $42.71 million versus expectations of $39.94 million. Revenue increased 18% year over year, led by 34% growth in the B2 cloud-storage business. Backblaze second-quarter financial results
Positive Sentiment: Management raised revenue guidance: Backblaze expects third-quarter revenue of $44.4 million to $44.8 million, above the $41.2 million consensus estimate. Full-year 2026 revenue guidance of $172 million to $174 million also exceeds analysts’ $162.3 million forecast, signaling stronger demand for AI and data-intensive workloads. Financial Post earnings release
Positive Sentiment: Large CoreWeave agreement supports AI growth: Backblaze highlighted a $335 million strategic agreement with CoreWeave, strengthening the investment case that demand for storage supporting artificial intelligence workloads can accelerate growth. Q2 2026 earnings call transcript
Neutral Sentiment: Backblaze is presenting at the Ai4 2026 conference, which may increase visibility among AI-industry customers but does not immediately change financial guidance. Ai4 2026 presentation announcement

Analyst Upgrades and Downgrades

BLZE has been the topic of several research reports. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and boosted their target price for the company from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. B. Riley Financial upped their price objective on Backblaze from $7.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Needham & Company LLC boosted their target price on Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.50.

Get Our Latest Stock Analysis on Backblaze

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft purchased a new stake in Backblaze in the 4th quarter valued at $699,000. GSA Capital Partners LLP increased its position in Backblaze by 159.7% in the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock worth $1,394,000 after buying an additional 184,015 shares during the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Backblaze during the 4th quarter worth $1,165,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Backblaze in the 4th quarter worth about $712,000. Finally, Perkins Capital Management Inc. lifted its holdings in Backblaze by 21.6% during the first quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company’s stock valued at $1,170,000 after purchasing an additional 60,250 shares during the last quarter. Institutional investors own 54.03% of the company’s stock.

Backblaze Price Performance

The stock has a market cap of $1.39 billion, a PE ratio of -59.31 and a beta of 1.56. 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 firm’s 50 day moving average price is $11.81 and its two-hundred day moving average price is $7.13.

About Backblaze

(Get Free Report)

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.