Backblaze (NASDAQ:BLZE) Trading 6.5% Higher – Here’s What Happened

Backblaze, Inc. (NASDAQ:BLZE)’s share price traded up 6.5% on Tuesday . The stock traded as high as $8.52 and last traded at $8.6360. 93,200 shares traded hands during trading, a decline of 93% from the average session volume of 1,326,306 shares. The stock had previously closed at $8.11.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Needham & Company LLC raised their price objective on shares of Backblaze from $6.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Loop Capital set a $8.00 price objective on shares of Backblaze in a research report on Tuesday, February 24th. Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Citigroup restated a “market outperform” rating on shares of Backblaze in a research report on Tuesday, February 24th. Finally, Craig Hallum cut shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective for the company. in a research note on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

Backblaze Trading Up 3.9%

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 is $6.17 and its 200 day moving average is $5.00. The company has a market capitalization of $506.34 million, a PE ratio of -21.50 and a beta of 1.71.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate 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. As a group, equities analysts predict that Backblaze, Inc. will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BLZE. JPMorgan Chase & Co. boosted its holdings in Backblaze by 95.9% in the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company’s stock valued at $3,263,000 after acquiring an additional 172,165 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in Backblaze in the fourth quarter valued at $699,000. Shannon River Fund Management LLC bought a new stake in Backblaze in the third quarter valued at $2,129,000. GSA Capital Partners LLP boosted its holdings in Backblaze by 159.7% in the fourth quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock valued at $1,394,000 after acquiring an additional 184,015 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in Backblaze in the fourth quarter valued at $1,165,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.