B. Riley Has Positive Outlook for Backblaze FY2024 Earnings

Backblaze, Inc. (NASDAQ:BLZE) – Equities researchers at B. Riley upped their FY2024 earnings estimates for shares of Backblaze in a research note issued to investors on Tuesday, February 18th. B. Riley analyst Z. Cummins now anticipates that the company will post earnings of ($0.99) per share for the year, up from their previous estimate of ($1.00). B. Riley currently has a “Buy” rating and a $11.00 price objective 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 upped their target price on 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 Backblaze stock opened at $7.21 on Thursday. The company has a 50-day moving average of $6.51 and a two-hundred day moving average of $6.54. Backblaze has a 12-month low of $4.91 and a 12-month high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $320.12 million, a PE ratio of -6.50 and a beta of 0.92.

Institutional Trading of Backblaze

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after purchasing an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Backblaze by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock worth $508,000 after buying an additional 2,105 shares during the period. Verition Fund Management LLC grew its holdings in Backblaze by 15.4% in the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after buying an additional 2,106 shares during the period. EntryPoint Capital LLC grew its holdings in Backblaze by 20.8% in the 4th quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock valued at $142,000 after buying an additional 4,054 shares during the period. Finally, Quantbot Technologies LP increased its stake in shares of Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after acquiring an additional 4,393 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Backblaze

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

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.