BlackBerry (NYSE:BB) Shares Gap Down - Here's What Happened

BlackBerry Limited (NYSE:BB - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $3.09, but opened at $3.00. BlackBerry shares last traded at $3.12, with a volume of 2,873,912 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BB. StockNews.com upgraded shares of BlackBerry from a "sell" rating to a "hold" rating in a research report on Monday, December 9th. CIBC boosted their price objective on BlackBerry from $3.50 to $3.60 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Canaccord Genuity Group raised their target price on BlackBerry from $2.70 to $2.80 and gave the company a "hold" rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada boosted their price target on BlackBerry from $3.00 to $3.25 and gave the stock a "sector perform" rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $3.26.

BlackBerry Stock Performance

The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -12.76 and a beta of 1.43. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The firm's fifty day moving average price is $2.49 and its 200-day moving average price is $2.44.

BlackBerry (NYSE:BB - Get Free Report) last posted its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates of ($0.03) by $0.02. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business had revenue of $145.00 million for the quarter, compared to analysts' expectations of $138.82 million. During the same period in the prior year, the company posted ($0.06) EPS. The business's revenue for the quarter was up 9.8% on a year-over-year basis. Analysts expect that BlackBerry Limited will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Philip S. Kurtz sold 15,005 shares of the business's stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares of the company's stock, valued at $76,226.37. This represents a 33.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently modified their holdings of BB. SG Americas Securities LLC grew its position in BlackBerry by 36.2% during the second quarter. SG Americas Securities LLC now owns 130,114 shares of the company's stock valued at $323,000 after purchasing an additional 34,615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of BlackBerry by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company's stock worth $327,000 after purchasing an additional 9,156 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in BlackBerry by 39.0% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,315,157 shares of the company's stock worth $3,262,000 after acquiring an additional 369,283 shares during the period. Intact Investment Management Inc. increased its stake in BlackBerry by 508.1% during the second quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company's stock valued at $2,862,000 after acquiring an additional 956,690 shares during the period. Finally, Viewpoint Capital Management LLC acquired a new position in shares of BlackBerry in the 2nd quarter valued at $50,000. 54.48% of the stock is owned by institutional investors.

BlackBerry Company Profile

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.