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

Backblaze, Inc. (NASDAQ:BLZE) – Equities researchers at B. Riley upped their FY2024 earnings per share estimates for Backblaze in a report released on Tuesday, February 18th. B. Riley analyst Z. Cummins now forecasts that the company will post earnings of ($0.99) per share for the year, up from their previous estimate of ($1.00). B. Riley currently has a “Buy” rating and a $11.00 target price 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 increased their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, November 8th.

Backblaze Price Performance

Shares of BLZE opened at $7.45 on Thursday. The stock’s fifty day moving average is $6.50 and its 200-day moving average is $6.52. The firm has a market capitalization of $330.78 million, a price-to-earnings ratio of -6.71 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze has a one year low of $4.91 and a one year high of $12.65.

Institutional Investors Weigh In On Backblaze

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after buying an additional 1,992 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock worth $508,000 after acquiring an additional 2,105 shares during the last quarter. Verition Fund Management LLC grew its position in Backblaze by 15.4% in the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after purchasing an additional 2,106 shares during the last quarter. EntryPoint Capital LLC increased its stake in Backblaze by 20.8% during the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock valued at $142,000 after acquiring an additional 4,054 shares during the period. Finally, Quantbot Technologies LP increased its position in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares during the period. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Backblaze

In related news, CEO Gleb Budman sold 10,321 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,864,646 shares of the company’s stock, valued at approximately $11,971,027.32. This represents a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Tina Cessna sold 8,874 shares of the firm’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 transaction of $56,971.08. Following the sale, the vice president now owns 144,566 shares of the company’s stock, valued at approximately $928,113.72. This represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.20% 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.