Craig-Hallum analyst Chad Bennett maintained a Buy rating on Backblaze (BLZE – Research Report) today. The company’s shares opened today at $6.90.
According to TipRanks, Bennett is a 4-star analyst with an average return of 4.8% and a 52.81% success rate. Bennett covers the Technology sector, focusing on stocks such as Evolv Technologies Holdings, Backblaze, and PROS Holdings.
Backblaze has an analyst consensus of Strong Buy, with a price target consensus of $13.50, a 95.79% upside from current levels. In a report released on September 1, JMP Securities also reiterated a Buy rating on the stock with a $18.00 price target.
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Based on Backblaze’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $24.59 million and a GAAP net loss of $14.34 million. In comparison, last year the company earned a revenue of $20.69 million and had a GAAP net loss of $11.58 million
Based on the recent corporate insider activity of 280 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BLZE in relation to earlier this year.
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Backblaze Inc provides cloud storage services. The company offers services such as Backblaze B2 Cloud Storage which enables customers to store data, developers to build applications, and partners to expand their use cases. It is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection and Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. Geographically, it derives a majority of revenue from the United States.
Read More on BLZE:
- 3 Best Stocks to Buy Now, 9/1/2023, According to Top Analysts
- Qencode and Backblaze Scale Up With Integrated Cloud Storage Powered by Backblaze B2 Partner API
- Backblaze announces expanded partnership with Qencode
- Backblaze price target raised to $12.50 from $11.00 at Raymond James
- Backblaze raises FY23 revenue view to $100M-$102M from $98M-$102M
