Traders Purchase Large Volume of Backblaze Call Options (NASDAQ:BLZE)

Backblaze, Inc. (NASDAQ:BLZE) saw some unusual options trading on Tuesday. Stock investors bought 4,948 call options on the company. This represents an increase of 252% compared to the typical volume of 1,405 call options.

Institutional Inflows and Outflows

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

Backblaze Stock Performance

NASDAQ BLZE traded up $7.20 on Tuesday, hitting $22.79. The stock had a trading volume of 5,056,790 shares, compared to its average volume of 1,980,091. The company’s 50-day moving average is $11.81 and its two-hundred day moving average is $7.13. Backblaze has a one year low of $3.26 and a one year high of $23.99. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -58.47 and a beta of 1.56. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.06. The company had revenue of $42.71 million for the quarter, compared to analysts’ expectations of $39.94 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%. On average, analysts expect that Backblaze will post -0.37 earnings per share for the current year.

Key Headlines Impacting Backblaze

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 earnings and revenue exceeded expectations. Backblaze reported adjusted EPS of $0.08, ahead of the $0.02 consensus estimate, while revenue reached $42.71 million versus expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue growth accelerated to 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Management raised its full-year outlook. Backblaze now expects 2026 revenue of $172 million to $174 million, well above the $162.3 million analyst consensus. Third-quarter revenue guidance of $44.4 million to $44.8 million also exceeds the $41.2 million consensus estimate. Backblaze raises 2026 revenue outlook
• Positive Sentiment: AI-related demand is strengthening. The company signed a $335 million strategic agreement with CoreWeave, supporting the investment case that demand for affordable cloud storage will benefit from expanding AI workloads. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze second-quarter results and CoreWeave agreement
• Positive Sentiment: Needham raised its price target to $23 from $14 and maintained a Buy rating, indicating continued confidence in Backblaze’s growth prospects. Needham raises Backblaze price target
• Neutral Sentiment: Backblaze is presenting at Ai4 2026, highlighting its positioning in AI infrastructure, although the event is unlikely to materially affect near-term financial results. Backblaze to present at Ai4 2026
• Negative Sentiment: Citizens JMP raised its target to $21 from $16 but retained a Market Outperform rating. The new target remains below the stock’s recent trading level, signaling that some analysts view the near-term valuation as stretched after the rally. Citizens JMP raises Backblaze price target

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BLZE shares. Wall Street Zen cut Backblaze from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Needham & Company LLC boosted their price objective on Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday. Weiss Ratings downgraded Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Citizens Jmp increased their target price on Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research report on Tuesday. Finally, Lake Street Capital reiterated a “buy” rating on shares of Backblaze in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating, one has issued 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 price target of $16.36.

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.