Backblaze (NASDAQ:BLZE) Announces Quarterly Earnings Results

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

Backblaze Stock Down 10.6 %

Shares of Backblaze stock traded down $0.75 on Tuesday, reaching $6.33. The stock had a trading volume of 809,324 shares, compared to its average volume of 363,739. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $281.05 million, a P/E ratio of -5.70 and a beta of 0.92. The company has a 50 day moving average price of $6.52 and a 200 day moving average price of $6.57. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Raymond James upped their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. B. Riley lowered their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th.

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.