Backblaze, Inc. (BLZE – Free Report) shares ended the last trading session 10.5% higher at $6.96. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock’s 1.4% loss over the past four weeks.
Backblaze is benefiting from a strong go-to-market transformation led by new executives, which includes upskilling, focused partnerships, and sales plays, driving significant revenue growth, particularly in its B2 Cloud Storage segment, while also improving cost efficiency through aggressive expense management and restructuring.
This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $33.75 million, up 17.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Backblaze, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock’s price usually doesn’t keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BLZE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Backblaze is a member of the Zacks Internet – Software industry. One other stock in the same industry, Weave Communications, Inc. (WEAV – Free Report) , finished the last trading session 0.2% higher at $17.21. WEAV has returned 8.7% over the past month.
For Weave Communications
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