- Backblaze (BLZE) is a high-performance cloud storage platform with strong technical momentum and robust recent price appreciation.
- BLZE has surged 233% over the past year.
- Revenue is projected to grow 11.33% this year and 15.29% next year, with earnings estimated to rise 66.04% and 32.69%, respectively.
- Analyst sentiment is bullish with multiple “Buy” ratings, although some sources view BLZE stock as overvalued here.
Today’s Featured Stock
Valued at $387 million, Backblaze (BLZE) is a high-performance cloud storage platform for data-intensive use cases across a broad range of modern cloud workloads. Its solutions are designed to help customers address complex storage needs.
What I’m Watching
I found today’s Chart of the Day by using Barchart’s powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction, Weighted Alpha above 50+ and a 60-Month Beta over 1.5. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. BLZE checks those boxes. The Trend Seeker issued a new “Buy” signal on April 17. Since then, the stock has gained 329.77%.
Barchart’s Technical Indicators for Backblaze
Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.
Backblaze scored an all-time high of $18.25 on July 10.
- Backblaze has a Weighted Alpha of +122.78.
- BLZE has a 100% “Buy” opinion from Barchart.
- The stock has gained 233.46% over the past 52 weeks.
- Backblaze has its Trend Seeker “Buy” signal intact.
- The stock recently traded at $17.56 with a 50-day moving average of $9.41.
- BLZE has made 14 new highs and gained 141.08% over the past month.
- 60-month beta of 1.55.
- Relative Strength Index (RSI) is at 81.82.
- There’s a technical support level around $16.73.
Don’t Forget the Fundamentals
- $387 million market capitalization.
- Revenue is projected to grow 11.33% this year and another 15.29% next year.
- Earnings are estimated to increase 66.04% this year and an additional 32.69% next year.
Analyst and Investor Sentiment on Backblaze
- The Wall Street analysts followed by Barchart give the stock 5 “Strong Buy,” 1 “Moderate Buy,” and 2 “Hold” opinions with price targets between $14 and $16.
- Value Line rates the stock “Average.”
- CFRA’s MarketScope rates the stock a “Buy.”
- Morningstar thinks the stock is overvalued by 27% with a fair value of $12.86.
- 3,540 investors are following the stock on Seeking Alpha, which rates it a “Strong Buy.” Its analysts note a high valuation and lack of profitability as Backblaze’s only drawbacks.
- Short interest is a reasonable 2.49% of the float with 1.01 days to cover the float.
The Bottom Line on Backblaze
Last year, revenue increased by 14.27%, earnings increased by 47.23%, and cash flow from operations increased by 88.17%. Analysts predict increases in all three both this year and next year too. This may be a small stock on its way to becoming a big stock.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.