What is B. Riley’s Estimate for Backblaze FY2024 Earnings?

Backblaze, Inc. (NASDAQ:BLZE) – Analysts at B. Riley upped their FY2024 EPS estimates for Backblaze in a research note issued on Tuesday, February 18th. B. Riley analyst Z. Cummins now expects that the company will post earnings of ($0.99) per share for the year, up from their previous estimate of ($1.00). B. Riley has a “Buy” rating and a $11.00 price target 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 lifted 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.

Backblaze Trading Down 1.3 %

Shares of BLZE stock opened at $7.39 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $328.12 million, a price-to-earnings ratio of -6.66 and a beta of 0.92. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The firm has a fifty day moving average price of $6.50 and a 200-day moving average price of $6.52.

Insider Activity

In other Backblaze news, CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 $11,971,027.32. This represents a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Tina Cessna sold 8,874 shares of Backblaze stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $56,971.08. Following the sale, the vice president now owns 144,566 shares in the company, valued at approximately $928,113.72. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd bought a new position in shares of Backblaze during the 4th quarter valued at about $38,000. Tower Research Capital LLC TRC lifted its position in shares of Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after buying an additional 5,293 shares in the last quarter. ProShare Advisors LLC bought a new position in Backblaze during the fourth quarter valued at approximately $68,000. Quantbot Technologies LP grew its holdings in 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 buying an additional 4,393 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Backblaze by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after acquiring an additional 1,992 shares during the last quarter. Institutional investors own 54.03% 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.