Backblaze Sees Unusually High Options Volume (NASDAQ:BLZE)

Backblaze, Inc. (NASDAQ:BLZE) saw unusually large options trading activity on Tuesday. Stock investors acquired 4,948 call options on the company. This is an increase of 252% compared to the average daily volume of 1,405 call options.

Backblaze News Roundup

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 earnings and revenue exceeded expectations. Backblaze reported adjusted EPS of $0.08, ahead of the $0.02 consensus estimate, while revenue reached $42.71 million versus expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue growth accelerated to 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Management raised its full-year outlook. Backblaze now expects 2026 revenue of $172 million to $174 million, well above the $162.3 million analyst consensus. Third-quarter revenue guidance of $44.4 million to $44.8 million also exceeds the $41.2 million consensus estimate. Backblaze raises 2026 revenue outlook
• Positive Sentiment: AI-related demand is strengthening. The company signed a $335 million strategic agreement with CoreWeave, supporting the investment case that demand for affordable cloud storage will benefit from expanding AI workloads. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze second-quarter results and CoreWeave agreement
• Positive Sentiment: Needham raised its price target to $23 from $14 and maintained a Buy rating, indicating continued confidence in Backblaze’s growth prospects. Needham raises Backblaze price target
• Neutral Sentiment: Backblaze is presenting at Ai4 2026, highlighting its positioning in AI infrastructure, although the event is unlikely to materially affect near-term financial results. Backblaze to present at Ai4 2026
• Negative Sentiment: Citizens JMP raised its target to $21 from $16 but retained a Market Outperform rating. The new target remains below the stock’s recent trading level, signaling that some analysts view the near-term valuation as stretched after the rally. Citizens JMP raises Backblaze price target

Institutional Investors Weigh In On Backblaze

Large investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares during the period. ProShare Advisors LLC acquired a new position in shares of Backblaze in the 4th quarter valued at $47,000. Oxford Asset Management LLP acquired a new position in shares of Backblaze in the 4th quarter valued at $47,000. M&T Bank Corp purchased a new position in Backblaze in the 4th quarter worth about $49,000. Finally, Occudo Quantitative Strategies LP purchased a new position in Backblaze in the 2nd quarter worth about $58,000. 54.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BLZE. Weiss Ratings lowered shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 15th. Needham & Company LLC increased their price target on Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday. Lake Street Capital reiterated a “buy” rating on shares of Backblaze in a research report on Tuesday. B. Riley Financial boosted their price objective on Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and upped their price objective for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.36.

Backblaze Price Performance

Shares of BLZE traded up $7.20 during mid-day trading on Tuesday, hitting $22.79. The company’s stock had a trading volume of 5,056,790 shares, compared to its average volume of 1,980,091. The firm has a 50-day moving average price of $11.81 and a 200 day moving average price of $7.13. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -58.47 and a beta of 1.56. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $23.99.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The business had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. On average, research analysts predict that Backblaze will post -0.37 EPS for the current fiscal year.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.