Backblaze, Inc. (NASDAQ:BLZE), the cloud storage platform provider, witnessed a significant decline in short interest during the month of March, with short interest totalling 201,000 shares as at March 31. This represented a 5.7% decline from the previous filing on March 15 when it was 213,200 shares. The short-interest ratio presently stands at two days based on an average daily trading volume of 102,600 shares. Currently around 1.9% of the firm’s stock is short sold.
The cybersecurity landscape has been rapidly evolving in recent years and has become an ever-present threat to businesses and consumers globally. In response to this growing challenge, Backblaze chose to provide cloud services through a web-scale software infrastructure built on commodity hardware that effectively addresses modern data management needs.
Looking at its financials, NASDAQ:BLZE opened at $4.33 last Friday with a market cap of $148.52 million and P/E ratio of -2.66, which were down from the previous day’s level of $5. High growth stocks often trade at negative earnings ratios as they invest heavily in growth rather than generating profits that are distributed as dividends to shareholders.
Moreover, Backblaze has managed to keep pace with powerful competitors like Amazon Web Services (AWS) due to their focus on simplicity and cost-effectiveness as well as customer service excellence.
Several large institutional investors recently made noteworthy changes in their positions regarding BLZE shares including AWM Investment Company Inc., Vanguard Group Inc., Gilder Gagnon Howe & Co LLC., BlackRock Inc., and Geode Capital Management LLC who now represent over 12.7% of the company’s total outstanding shares combined.
On February 15th, Backblaze released its earnings results for Q4/2022 which revealed revenue of $22.93 million for the quarter versus analysts’ expectations of $22.66 million. Furthermore, the reported EPS for the quarter were ($0.40) which was slightly improved from the anticipated losses of ($0.42).
Given the current upward trajectory of its business growth and its future growth prospects, both technical as well as fundamental analysis signals a strong buy for Backblaze stock even though it has declined to 1-year lows reaching $3.82 before stabilizing at around its current level just over $4 per share on this April 21st, 2023.
In summary, Backblaze is a cloud storage platform provider that has attracted favorable investment interest over recent years thanks to its low-cost services and excellent customer relations management team. Its market is growing faster than many larger IT companies and positions itself perfectly in this highly competitive but highly lucrative section of the cybersecurity sector, providing a forum to create wealth for investors who have stability as their top priority.
Backblaze: The Cloud Storage Provider Generating Optimism on Wall Street
Backblaze, the cloud storage and backup solutions provider, has become the talk of Wall Street recently. With a flurry of analyst reports in one month alone, investors have been paying close attention to the company’s performance on the stock market.
On March 27th, Craig Hallum released their research report and assumed coverage on shares of Backblaze with a “buy” rating and a target price of $8.00. Just over two weeks later, B. Riley followed suit by increasing their target price from $8.50 to $9.00 and also gave the stock a “buy” rating on February 16th. Not to be outdone, JMP Securities released their report on February 22nd restating a “market outperform” rating with an impressive target price of $18.00.
The series of positive ratings culminated in Oppenheimer’s report that stated the firm’s “outperform” rating on Backblaze but lowered its target price from $8.50 to $7.50; nonetheless, they remained confident in its long-term prospects.
With all these bullish notes from industry experts consistently recommending the purchase of shares priced at around $11 at present time according to Bloomberg data, it’s no surprise that Backblaze is experiencing a surge in interest among investors who are closely monitoring it for potential future returns.
One factor behind Backblaze’s success is their innovative approach towards cloud storage by offering backup services that don’t necessarily require enterprise-grade hardware or complicated software which makes it accessible for home users as well as small to medium businesses looking for an affordable solution that doesn’t sacrifice features or security measures.
Overall, despite some uncertainty surrounding economic conditions moving forward, Backblaze remains an attractive investment option thanks to its strong fundamentals and positive feedback by analysts during recent times – suggesting that investors might still have plenty to gain by buying into this momentum-driven company today even considering it continues to trade in a volatile market.
