BlackBerry (NYSE:BB) Shares Up 9.2% - Still a Buy?

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

Wall Street Analysts Forecast Growth

BB has been the subject of several recent research reports. CIBC decreased their target price on shares of BlackBerry from $7.00 to $6.00 and set an "outperformer" rating for the company in a research report on Thursday, April 3rd. Canaccord Genuity Group lowered their price objective on BlackBerry from $4.75 to $4.25 and set a "hold" rating for the company in a research note on Thursday, April 3rd. Wall Street Zen upgraded BlackBerry from a "sell" rating to a "hold" rating in a report on Friday, April 11th. Finally, Royal Bank of Canada set a $3.75 price target on BlackBerry in a report on Thursday, April 3rd. Six research 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $4.12.

BlackBerry Stock Performance

The company has a 50-day simple moving average of $3.57 and a two-hundred day simple moving average of $3.79. 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 firm has a market cap of $2.42 billion, a PE ratio of -18.48 and a beta of 1.42.

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

Insider Activity

In other BlackBerry news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $2.99, for a total value of $89,520.60. Following the sale, the senior vice president now directly owns 42,398 shares in the company, valued at $126,770.02. The trade was a 41.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 37,216 shares of company stock valued at $112,025 in the last three months. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On BlackBerry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in 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 grew its position in shares of BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company's stock valued at $37,000 after purchasing an additional 3,811 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of BlackBerry during the 1st quarter valued at $37,000. Masso Torrence Wealth Management Inc. purchased a new stake in BlackBerry during the 4th quarter worth about $38,000. Finally, Mindset Wealth Management LLC purchased a new stake in BlackBerry during the 4th quarter worth about $38,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.