Backblaze (NASDAQ:BLZE) Price Target Cut to $11.00 by Analysts at B. Riley

Backblaze (NASDAQ:BLZE) had its price target cut by B. Riley from $11.50 to $11.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock. B. Riley also issued estimates for Backblaze’s Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($0.99) EPS, Q1 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.72) EPS.

Several other research analysts have also issued reports on the company. Raymond James boosted their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Craig Hallum boosted their price objective on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

Backblaze Stock Up 0.8 %

Shares of NASDAQ:BLZE opened at $7.45 on Tuesday. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The business has a 50 day simple moving average of $6.50 and a two-hundred day simple moving average of $6.52. The firm has a market capitalization of $330.78 million, a PE ratio of -6.71 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Insider Transactions at Backblaze

In related news, 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 directly owns 144,566 shares of the company’s stock, valued at $928,113.72. This represents a 5.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction on 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 directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. The trade was a 0.55 % 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 have recently made changes to their positions in the company. AWM Investment Company Inc. increased its position 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 valued at $16,755,000 after acquiring an additional 2,682,480 shares during the period. AIGH Capital Management LLC acquired a new position in shares of Backblaze in the 4th quarter valued at $10,836,000. First Eagle Investment Management LLC boosted its holdings in Backblaze by 4.5% in the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock valued at $6,986,000 after purchasing an additional 49,800 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Backblaze by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after purchasing an additional 11,267 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Backblaze by 21.2% in the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock valued at $3,749,000 after purchasing an additional 108,884 shares during the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

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.