Backblaze (NASDAQ:BLZE) Shares Down 7.8% – What’s Next?

Backblaze, Inc. (NASDAQ:BLZE) fell 7.8% during mid-day trading on Friday . The company traded as low as $11.77 and last traded at $11.7660. Approximately 845,765 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 1,945,642 shares. The stock had previously closed at $12.76.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Needham & Company LLC lifted their target price on Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and raised their price target for the company from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Wall Street Zen lowered Backblaze from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings cut Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Finally, B. Riley Financial increased their price objective on Backblaze from $7.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Eight research 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’s stock. According to MarketBeat.com, Backblaze presently has an average rating of “Moderate Buy” and an average target price of $13.21.

Backblaze Trading Down 6.6%

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $715.91 million, a price-to-earnings ratio of -30.52 and a beta of 1.55. The firm has a fifty day moving average price of $11.06 and a 200-day moving average price of $6.75.

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 return on equity of 20.54% and a negative net margin of 14.97%.The firm had revenue of $38.67 million during the quarter, compared to the consensus estimate of $37.78 million. As a group, equities analysts anticipate that Backblaze, Inc. will post -0.37 EPS for the current year.

Institutional Trading of Backblaze

A number of large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in Backblaze by 95.9% during the third quarter. JPMorgan Chase & Co. now owns 351,657 shares of the company’s stock worth $3,263,000 after purchasing an additional 172,165 shares during the period. Baader Bank Aktiengesellschaft bought a new position in shares of Backblaze during the 4th quarter worth approximately $699,000. GSA Capital Partners LLP grew its position 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 buying an additional 184,015 shares during the period. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Backblaze during the 4th quarter worth approximately $1,165,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Backblaze in the 4th quarter valued at $712,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.