Backblaze (NASDAQ:BLZE) Hits New 52-Week High – Time to Buy?

Backblaze, Inc. (NASDAQ:BLZE) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $14.89 and last traded at $14.63, with a volume of 63376 shares trading hands. The stock had previously closed at $14.56.

Wall Street Analyst Weigh In

BLZE has been the subject of a number of analyst reports. Needham & Company LLC increased their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings lowered shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Wall Street Zen downgraded Backblaze from a “buy” rating to a “hold” rating in a research report on Saturday. Lake Street Capital increased their price objective on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Citigroup reissued an “outperform” rating on shares of Backblaze in a research report on Wednesday, June 24th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Backblaze has a consensus rating of “Moderate Buy” and an average price target of $12.93.

Backblaze Trading Up 3.1%

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 stock has a market cap of $902.28 million, a price-to-earnings ratio of -38.16 and a beta of 1.71. The company’s fifty day moving average price is $7.38 and its 200-day moving average price is $5.35.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $38.67 million during 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, research analysts expect that Backblaze, Inc. will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in BLZE. AQR Capital Management LLC purchased a new stake in shares of Backblaze during the first quarter valued at $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Backblaze by 17.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock worth $131,000 after acquiring an additional 4,060 shares during the period. Millennium Management LLC lifted its position in Backblaze by 32.5% during the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock worth $3,987,000 after acquiring an additional 202,609 shares during the period. Goldman Sachs Group Inc. lifted its position in Backblaze by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock worth $1,264,000 after acquiring an additional 55,720 shares during the period. Finally, Geode Capital Management LLC grew its stake in Backblaze by 13.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock valued at $6,428,000 after purchasing an additional 139,429 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Company Profile

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.