Backblaze (NASDAQ:BLZE) Announces Quarterly Earnings Results

Backblaze (NASDAQ:BLZE) posted its earnings results on Tuesday. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.12), Zacks reports. Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%.

Backblaze Stock Down 10.6 %

Shares of NASDAQ BLZE traded down $0.75 during trading hours on Tuesday, hitting $6.33. The company had a trading volume of 812,444 shares, compared to its average volume of 363,769. The stock has a market capitalization of $281.05 million, a P/E ratio of -5.70 and a beta of 0.92. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The firm’s 50 day moving average is $6.52 and its 200-day moving average is $6.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Analyst Upgrades and Downgrades

BLZE has been the subject of several research analyst reports. B. Riley decreased their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Raymond James upped their price target 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 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.