Backblaze (NASDAQ:BLZE) Stock Rating Upgraded by Wall Street Zen

Backblaze (NASDAQ:BLZE) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other brokerages have also issued reports on BLZE. Citizens Jmp increased their target price on Backblaze from $16.00 to $21.00 and gave the company a “market outperform” rating in a research report on Tuesday, August 4th. B. Riley Financial boosted their price target on shares of Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Lake Street Capital reaffirmed a “buy” rating and set a $21.00 price objective on shares of Backblaze in a report on Tuesday, August 4th. Weiss Ratings lowered shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Finally, Craig Hallum upgraded shares of Backblaze from a “hold” rating to a “buy” rating and upped their price target for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.71.

Backblaze Stock Performance

Shares of NASDAQ BLZE opened at $18.82 on Friday. The company has a market capitalization of $1.16 billion, a PE ratio of -55.35 and a beta of 1.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average price is $12.68 and its 200 day moving average price is $7.52. Backblaze has a 1 year low of $3.26 and a 1 year high of $23.99.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The firm had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. On average, research analysts predict that Backblaze will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft acquired a new position in Backblaze during the fourth quarter worth about $699,000. Arrowstreet Capital Limited Partnership lifted its stake in Backblaze by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock worth $1,037,000 after purchasing an additional 107,876 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Backblaze by 44.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after purchasing an additional 361,905 shares during the last quarter. GSA Capital Partners LLP boosted its holdings in shares of Backblaze by 159.7% during the 4th quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock worth $1,394,000 after purchasing an additional 184,015 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $1,165,000. Hedge funds and other 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.