FY2024 Earnings Estimate for Backblaze Issued By B. Riley

Backblaze, Inc. (NASDAQ:BLZE - Free Report) - Analysts at B. Riley upped their FY2024 earnings per share (EPS) estimates for Backblaze in a research report issued on Tuesday, February 18th. B. Riley analyst Z. Cummins now forecasts that the company will earn ($0.99) per share for the year, up from their previous estimate of ($1.00). B. Riley has a "Buy" rating and a $11.00 price target on the stock. The consensus estimate for Backblaze's current full-year earnings is ($1.02) per share. B. Riley also issued estimates for Backblaze's Q4 2024 earnings at ($0.21) EPS, Q1 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.72) EPS.

Separately, Raymond James lifted their target price on shares of Backblaze from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, November 8th.

Backblaze Trading Down 3.2 %

Shares of BLZE stock traded down $0.24 during trading hours on Thursday, hitting $7.21. 750,528 shares of the company were exchanged, compared to its average volume of 331,710. The firm has a fifty day moving average of $6.51 and a 200 day moving average of $6.56. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The firm has a market cap of $320.12 million, a PE ratio of -6.50 and a beta of 0.92.

Insider Activity at Backblaze

In related news, CEO Gleb Budman sold 10,321 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of the transaction, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. The trade was a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Tina Cessna sold 8,874 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the transaction, the vice president now owns 144,566 shares of the company's stock, valued at approximately $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On Backblaze

Several hedge funds and other institutional investors have recently modified their holdings of BLZE. AWM Investment Company Inc. increased its holdings in shares of Backblaze by 2,664.4% in the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company's stock worth $16,755,000 after acquiring an additional 2,682,480 shares during the period. AIGH Capital Management LLC bought a new position in Backblaze in the 4th quarter worth about $10,836,000. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $2,956,000. P.A.W. Capital Corp bought a new stake in shares of Backblaze during the fourth quarter valued at approximately $1,926,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Backblaze during the fourth quarter worth approximately $1,618,000. Institutional investors and hedge funds own 54.03% of the company's stock.

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.