Backblaze, Inc. (NASDAQ:BLZE) Receives $10.07 Consensus Target Price from Brokerages

Backblaze, Inc. (NASDAQ:BLZE) has received an average rating of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $10.0714.

A number of brokerages recently weighed in on BLZE. JMP Securities lifted their price objective on shares of Backblaze from $7.00 to $8.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Needham & Company LLC lifted their price objective on shares of Backblaze from $7.00 to $8.50 and gave the company a “buy” rating in a report on Thursday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, October 8th. Finally, Oppenheimer lifted their price objective on shares of Backblaze from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 17th.

Backblaze Price Performance

Backblaze stock opened at $10.53 on Monday. Backblaze has a 12-month low of $3.94 and a 12-month high of $10.86. The firm has a 50-day moving average price of $9.39 and a 200-day moving average price of $6.83. The firm has a market capitalization of $594.95 million, a PE ratio of -11.83 and a beta of 1.22. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The company had revenue of $36.30 million for the quarter, compared to the consensus estimate of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts forecast that Backblaze will post -1.02 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. GWN Securities Inc. purchased a new position in Backblaze during the 3rd quarter valued at about $186,000. SG Americas Securities LLC purchased a new position in Backblaze during the 3rd quarter valued at about $262,000. Penbrook Management LLC increased its position in Backblaze by 30.6% during the 3rd quarter. Penbrook Management LLC now owns 52,025 shares of the company’s stock valued at $483,000 after purchasing an additional 12,200 shares during the period. Global Retirement Partners LLC purchased a new position in Backblaze during the 3rd quarter valued at about $47,000. Finally, State of Tennessee Department of Treasury purchased a new position in Backblaze during the 2nd quarter valued at about $139,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.