Backblaze, Inc. (NASDAQ:BLZE) Given Average Recommendation of “Moderate Buy” by Analysts

Backblaze, Inc. (NASDAQ:BLZE) has earned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $19.7143.

Several equities analysts recently issued reports on the stock. Lake Street Capital reiterated a “buy” rating and set a $21.00 price target on shares of Backblaze in a research report on Tuesday. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and lifted their price objective for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Wall Street Zen downgraded Backblaze from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Needham & Company LLC increased their target price on Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Citizens Jmp raised their target price on Backblaze from $16.00 to $21.00 and gave the company a “market outperform” rating in a research note on Tuesday.

Backblaze Stock Performance

NASDAQ:BLZE opened at $19.79 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $12.05 and its 200 day simple moving average is $7.23. The stock has a market cap of $1.19 billion, a P/E ratio of -50.74 and a beta of 1.56. Backblaze has a twelve month low of $3.26 and a twelve month high of $23.99.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.98%. The business had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. As a group, research analysts predict that Backblaze will post -0.37 EPS for the current year.

Key Stories Impacting Backblaze

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted EPS of $0.08 versus the $0.02 consensus estimate, while revenue reached $42.71 million compared with expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue accelerated 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Raised outlook: Management increased its full-year 2026 revenue forecast to $172 million-$174 million, above the $162.3 million analyst consensus, and projected third-quarter revenue of $44.4 million-$44.8 million versus expectations of $41.2 million. The company also expects B2 revenue growth of more than 40% in 2027. Backblaze raises 2026 outlook and projects B2 growth
• Positive Sentiment: Strategic AI-related agreement: Backblaze highlighted a $335 million strategic agreement with CoreWeave, strengthening its positioning as a storage provider for artificial-intelligence and data-intensive workloads. Backblaze second-quarter results
• Positive Sentiment: Analyst support broadened: Oppenheimer raised its target to $25 and assigned an “outperform” rating; B. Riley raised its target to $24 with a “buy” rating; Needham lifted its target to $23; and Citizens JMP raised its target to $21 with a “market outperform” rating.
• Positive Sentiment: Options activity increased: Investors purchased 4,948 call options, about 252% above typical daily call volume, suggesting stronger near-term bullish speculation, although options activity is not a fundamental indicator.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently added to or reduced their stakes in BLZE. FNY Investment Advisers LLC bought a new stake in shares of Backblaze during the 2nd quarter valued at $237,000. Renaissance Technologies LLC increased its stake in shares of Backblaze by 44.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after acquiring an additional 361,905 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Backblaze by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock worth $1,037,000 after acquiring an additional 107,876 shares in the last quarter. Sei Investments Co. bought a new position in shares of Backblaze in the 1st quarter worth about $60,000. Finally, State of Wyoming lifted its position in Backblaze by 17.8% during the 1st quarter. State of Wyoming now owns 30,980 shares of the company’s stock valued at $107,000 after acquiring an additional 4,679 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.