Backblaze, Inc. (NASDAQ: BLZE) Receives Consensus “Buy” Rating from Analysts
Backblaze, Inc. (NASDAQ: BLZE – Get Rating) shares received a consensus “Buy” recommendation from the seven ratings companies that currently cover the company, Marketbeat Ratings reports. One analyst rated the stock with a hold recommendation and four gave the company a buy recommendation. The 12-month average target price among analysts who have rated the stock over the past year is 20.38.
A number of analysts have weighed in on the company recently. Raymond James cut his price target on Backblaze from $26.00 to $22.00 and set an “outperform” rating on the stock in a Friday, Feb. 18 research report. Zacks Investment Research upgraded Backblaze from a “sell” rating to a “hold” rating in a report released on Friday. Lake Street Capital lowered its target price on Backblaze from $21.00 to $13.00 in a Friday, May 6 report. Finally, B. Riley lowered his target price on Backblaze from $23.00 to $16.50 in a Friday, May 6 report.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new position in Backblaze in the fourth quarter worth $29,000. Royal Bank of Canada increased its stake in Backblaze by 275.9% in the first quarter. Royal Bank of Canada now owns 2,819 shares of the company valued at $30,000 after acquiring 2,069 more shares last quarter. ETF Managers Group LLC acquired a new position in Backblaze in the fourth quarter worth $42,000. Goldman Sachs Group Inc. acquired a new position in Backblaze in the first quarter worth $117,000. Finally, Blair William & Co. IL acquired a new position in Backblaze in the first quarter worth $140,000. Institutional investors hold 12.85% of the company’s shares.
Backblaze shares opened at 6:14 a.m. Monday. Backblaze has a 12-month low at 5.28 and a 12-month high at 36.50. The stock’s fifty-day simple moving average is 9.07 and its 200-day simple moving average is 13.82. The company has a quick ratio of 2.05, a current ratio of 2.05 and a leverage ratio of 0.22.
Backblaze (NASDAQ:BLZE – Get Rating) last released its quarterly earnings data on Thursday, May 5. The company reported -0.41 earnings per share for the quarter, missing analyst consensus estimates of -0.37 from -0.04. The company posted revenue of 19.49 million in the quarter, compared to analysts’ estimates of 19.31 million. On average, analysts predict Backblaze will post -1.62 earnings per share for the current fiscal year.
About Backblaze (Get a rating)
Backblaze, Inc, a cloud storage platform, provides businesses and consumers with cloud services to store, use and protect data in the United States and around the world. The company offers cloud services through a web-scale software infrastructure based on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to extend their use cases.
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