Backblaze (BLZE) Soars 43.6%: Is Further Upside Left in the Stock?

Backblaze, Inc. BLZE shares rallied 43.6% in the last trading session to close at $11.66. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.9% gain over the past four weeks.Backblaze benefits from accelerating AI infrastructure investments, growing demand for cost-efficient cloud storage and expanding adoption among neocloud providers as AI workloads drive large-scale data storage needs.This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $39.93 million, up 10% 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Backblaze is part of the Zacks Internet - Software industry. Rumble Inc. RUM, another stock in the same industry, closed the last trading session 1% lower at $6.73. RUM has returned -17.1% in the past month.RUMBLE INC's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.1. Compared to the company's year-ago EPS, this represents a change of +28.6%. RUMBLE INC currently boasts a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks