Backblaze, Inc. (NASDAQ:BLZE – Get Free Report) shares saw strong trading volume on Thursday . Approximately 2,544,766 shares changed hands during mid-day trading, an increase of 21% from the previous session’s volume of 2,110,377 shares.The stock last traded at $16.3380 and had previously closed at $16.88.
Analysts Set New Price Targets
Several research firms have weighed in on BLZE. B. Riley Financial raised their target price on Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a research note on Thursday, July 23rd. Lake Street Capital reissued a “buy” rating and set a $21.00 price objective on shares of Backblaze in a report on Tuesday, August 4th. Needham & Company LLC increased their price target on Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and increased their price target for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.
View Our Latest Research Report on BLZE
Backblaze Stock Performance
Backblaze (NASDAQ:BLZE – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.06. The company had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%. On average, analysts anticipate that Backblaze, Inc. will post -0.26 earnings per share for the current year.
Institutional Trading of Backblaze
A number of hedge funds have recently modified their holdings of BLZE. Royal Bank of Canada raised its stake in shares of Backblaze by 1,388.2% in 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 bought a new stake in shares of Backblaze during the fourth quarter valued at approximately $47,000. Oxford Asset Management LLP bought a new position in Backblaze in the fourth quarter valued at about $47,000. M&T Bank Corp acquired a new stake in Backblaze during the 4th quarter worth $49,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Backblaze in the second quarter valued at about $58,000. Institutional investors 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. 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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