Backblaze (NASDAQ:BLZE) Trading Down 7.2% – What’s Next?

Backblaze, Inc. (NASDAQ:BLZE) shares traded down 7.2% on Monday . The company traded as low as $15.91 and last traded at $16.3410. 614,533 shares were traded during trading, a decline of 68% from the average session volume of 1,936,937 shares. The stock had previously closed at $17.60.

Analyst Ratings Changes

Several research firms have recently weighed in on BLZE. Craig Hallum upgraded shares of Backblaze from a “hold” rating to a “buy” rating and increased their price objective for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Wall Street Zen lowered shares of Backblaze from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Finally, Lake Street Capital lifted their price objective on Backblaze from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Eight 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. Based on data from MarketBeat, Backblaze has an average rating of “Moderate Buy” and an average price target of $12.93.

Backblaze Price Performance

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $10.19 and its two-hundred day simple moving average is $6.32. The stock has a market capitalization of $994.65 million, a P/E ratio of -42.44 and a beta of 1.55.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $38.67 million for the quarter, compared to analysts’ expectations of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. As a group, sell-side analysts forecast that Backblaze, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Backblaze

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada lifted its stake in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after acquiring an additional 5,178 shares in the last quarter. ProShare Advisors LLC bought a new stake in shares of Backblaze in the 4th quarter worth $47,000. Oxford Asset Management LLP purchased a new stake in shares of Backblaze in the fourth quarter valued at about $47,000. M&T Bank Corp purchased a new stake in shares of Backblaze in the fourth quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Backblaze during the second quarter valued at about $58,000. 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.