Backblaze (NASDAQ:BLZE) Posts Earnings Results, Beats Expectations By $0.05 EPS

by · The Markets Daily

Backblaze (NASDAQ:BLZE – Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05, FiscalAI reports. The company had revenue of $37.76 million for the quarter, compared to the consensus estimate of $37.54 million. Backblaze had a negative net margin of 24.37% and a negative return on equity of 36.40%.

Backblaze Price Performance

Shares of BLZE traded down $0.03 during midday trading on Monday, hitting $4.37. 1,793,688 shares of the company traded hands, compared to its average volume of 730,055. Backblaze has a one year low of $3.83 and a one year high of $10.86. The firm has a market cap of $252.15 million, a P/E ratio of -6.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a 50-day moving average of $4.63 and a 200-day moving average of $6.75.

Institutional Trading of Backblaze

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in Backblaze by 8.3% in the 4th quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock valued at $206,000 after purchasing an additional 3,363 shares during the period. Pillsbury Lake Capital LLC bought a new stake in Backblaze during the fourth quarter valued at $8,058,000. XTX Topco Ltd grew its position in Backblaze by 96.0% during the fourth quarter. XTX Topco Ltd now owns 126,694 shares of the company’s stock worth $590,000 after buying an additional 62,041 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Backblaze during the fourth quarter worth about $131,000. Finally, Numerai GP LLC increased its stake in Backblaze by 156.3% in the 4th quarter. Numerai GP LLC now owns 98,425 shares of the company’s stock worth $459,000 after acquiring an additional 60,018 shares during the last quarter. Institutional investors own 54.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BLZE shares. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th. Needham & Company LLC decreased their price target on shares of Backblaze from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.50.

Get Our Latest Stock Analysis on Backblaze

Backblaze Company Profile

(Get Free Report)

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.

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