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Backblaze, Inc. (BLZE) Moves 8.6% Higher: Will This Strength Last?
Backblaze, Inc. (BLZE - Free Report) shares soared 8.6% in the last trading session to close at $9.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17.7% gain over the past four weeks.
The upswing in share price came after the company introduced "Powered by Backblaze", a new program designed to enable businesses to integrate cloud storage into their services with greater ease. The program targets independent software vendors, technology partners, and other companies, with the aim of simplifying the process of offering cloud storage to their customers, thus allowing them to concentrate on customer success and revenue growth.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +29.6%. Revenues are expected to be $28.18 million, up 22.9% 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, Inc., 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, Inc. belongs to the Zacks Internet - Software industry. Another stock from the same industry, Ziff Davis (ZD - Free Report) , closed the last trading session 0.2% higher at $66.71. Over the past month, ZD has returned -0.1%.
For Ziff Davis, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.32. This represents a change of +2.7% from what the company reported a year ago. Ziff Davis currently has a Zacks Rank of #3 (Hold).