BlackBerry (NYSE:BB) Trading 9.2% Higher - Here's Why

BlackBerry Limited (NYSE:BB - Get Free Report)'s stock price shot up 9.2% during trading on Tuesday . The company traded as high as $4.12 and last traded at $4.11. 7,809,116 shares were traded during mid-day trading, a decline of 62% from the average session volume of 20,384,988 shares. The stock had previously closed at $3.76.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BB. Royal Bank of Canada set a $3.75 target price on shares of BlackBerry in a report on Thursday, April 3rd. Canaccord Genuity Group reduced their target price on shares of BlackBerry from $4.75 to $4.25 and set a "hold" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen raised shares of BlackBerry from a "sell" rating to a "hold" rating in a report on Friday, April 11th. Finally, CIBC reduced their target price on shares of BlackBerry from $7.00 to $6.00 and set an "outperformer" rating on the stock in a report on Thursday, April 3rd. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BlackBerry has a consensus rating of "Hold" and a consensus target price of $4.12.

BlackBerry Stock Performance

The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The company has a market cap of $2.36 billion, a PE ratio of -18.00 and a beta of 1.42. The business's fifty day moving average is $3.54 and its 200-day moving average is $3.83.

BlackBerry (NYSE:BB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business had revenue of $141.70 million during the quarter, compared to analyst estimates of $137.56 million. During the same period in the prior year, the business posted $0.03 earnings per share. The company's revenue was down 7.3% on a year-over-year basis. As a group, research analysts predict that BlackBerry Limited will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at BlackBerry

In other news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $2.99, for a total value of $89,520.60. Following the sale, the senior vice president now owns 42,398 shares of the company's stock, valued at approximately $126,770.02. This represents a 41.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 37,216 shares of company stock worth $112,025 over the last 90 days. 0.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BB. Parallel Advisors LLC boosted its holdings in shares of BlackBerry by 216.2% in the 1st quarter. Parallel Advisors LLC now owns 7,156 shares of the company's stock valued at $27,000 after buying an additional 4,893 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of BlackBerry by 63.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company's stock valued at $37,000 after buying an additional 3,811 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of BlackBerry in the 1st quarter valued at about $37,000. Mindset Wealth Management LLC bought a new stake in shares of BlackBerry in the 4th quarter valued at about $38,000. Finally, Quadrant Capital Group LLC boosted its holdings in shares of BlackBerry by 100.3% in the 4th quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company's stock valued at $38,000 after buying an additional 5,008 shares in the last quarter. 54.48% of the stock is currently 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.