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In a challenging market environment, Backblaze Inc. (BLZE) stock has touched a 52-week low, dipping to $4.05. According to InvestingPro data, the company currently appears undervalued, with analysts setting price targets between $10 and $15.90. The cloud storage and backup company has faced a significant downturn over the past year, with its stock price reflecting a steep decline of 51% from the previous year. Despite challenges, the company maintains a healthy gross profit margin of 55% and has achieved revenue growth of 25% in the last twelve months. Investors have shown concern as the company navigates through competitive pressures and seeks to maintain its growth trajectory amidst a shifting landscape in the tech sector. The 52-week low marks a critical point for Backblaze as it aims to reassess its strategies and potentially adjust its operations to regain momentum and investor confidence. With the next earnings report due on May 7th, InvestingPro subscribers can access additional insights through comprehensive Pro Research Reports, which provide deep-dive analysis of BLZE and 1,400+ other US stocks.
In other recent news, Backblaze Inc. reported its fourth-quarter 2024 earnings, showing an earnings per share (EPS) of -0.06, which exceeded the forecast of -0.09. The company’s revenue reached $33.8 million, slightly surpassing the expected $33.64 million, driven by an 18% year-over-year increase in revenue, with the B2 Cloud Storage segment growing 22%. Additionally, Backblaze has expanded its cloud services in Canada, establishing a new deployment at Cologix’s TOR3 data center in Toronto to comply with Canadian data sovereignty laws. This strategic move aims to support sectors like healthcare and finance, which require data to remain within national borders. Furthermore, Backblaze announced a partnership with PureNodal to enhance artificial intelligence (AI) and high-performance computing (HPC) workloads, offering a scalable and cost-effective cloud solution. The collaboration leverages PureNodal’s AI-optimized compute platform with Backblaze’s B2 Cloud Storage to meet the demands of next-generation workloads. Analyst firms such as Craig Hallum Capital Group and Oppenheimer have expressed interest in Backblaze’s strategic initiatives and growth potential in the AI and cloud storage markets.
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