Backblaze (NASDAQ:BLZE) PT Lowered to $10.00

Backblaze (NASDAQ:BLZE) had its price objective decreased by analysts at Oppenheimer from $11.00 to $10.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 54.80% from the stock’s current price.

Backblaze Stock Up 24.5 %

Shares of BLZE stock traded up $1.27 on Friday, reaching $6.46. 736,240 shares of the company were exchanged, compared to its average volume of 384,475. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50-day moving average of $6.11 and a 200-day moving average of $8.15. The company has a market cap of $268.09 million, a price-to-earnings ratio of -4.55 and a beta of 1.03. Backblaze has a one year low of $4.19 and a one year high of $12.65.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.04. Backblaze had a negative return on equity of 105.67% and a negative net margin of 48.62%. The business had revenue of $29.97 million for the quarter, compared to analyst estimates of $29.75 million. Analysts anticipate that Backblaze will post -1.07 earnings per share for the current year.

Insider Buying and Selling

In other Backblaze news, CFO Francis P. Patchel sold 10,328 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $6.45, for a total transaction of $66,615.60. Following the completion of the sale, the chief financial officer now owns 162,653 shares in the company, valued at approximately $1,049,111.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 20,058 shares of company stock worth $131,703 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of Backblaze

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC lifted its holdings in shares of Backblaze by 10.2% in the first quarter. First Eagle Investment Management LLC now owns 726,990 shares of the company’s stock valued at $7,437,000 after purchasing an additional 67,475 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Backblaze by 117.0% during the 1st quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after acquiring an additional 371,851 shares in the last quarter. Scalar Gauge Management LLC bought a new position in Backblaze during the 4th quarter valued at $1,677,000. Essex Investment Management Co. LLC purchased a new position in Backblaze during the 1st quarter worth $2,048,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Backblaze in the 2nd quarter worth $701,000. 54.03% of the stock is owned by 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.