![]() Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Backblaze Inc is seeking to hire investment banks for an initial public offering (IPO) in 2021 that could value the cloud storage and backup software provider at around 1 billion, people familiar with the matter said on Friday. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 35% of the 250 plus Zacks industries. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. ET By Mike Murphy Backblaze focuses on cloud storage for mid-sized businesses. The current consensus EPS estimate is -$0.27 on $24.32 million in revenues for the coming quarter and -$1.08 on $100.13 million in revenues for the current fiscal year. Cloud-storage company Backblaze files for IPO Published: Oct. The company, which was founded in 2007, priced its shares at 23 each, valuating the company at 4.4 billion. The company is scheduled to go public through a direct listing on Wednesday, after. Backblaze, a cloud backup and storage company, went public on Friday with an initial public offering (IPO) that raised 650 million. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. 6 million shares on the stock market at 22 per share. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. So, the shares are expected to underperform the market in the near future. ![]() While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Īhead of this earnings release, the estimate revisions trend for Backblaze, Inc. ![]() Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Įmpirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Storage cloud platform, Backblaze (NASDAQ: BLZE) has priced its initial public offering of 6.25M shares of its Class A common stock at 16.00 per share, for gross proceeds to Backblaze of 100M. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook.
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