BlackBerry (NYSE:BB) Trading Up 5% - What's Next?

Key Points

• BlackBerry's stock price rose by 5% during mid-day trading, reaching a high of $4.60, though trading volume was down by 31% compared to its average daily volume.
• Recent analyst ratings show a mix of opinions, with BlackBerry receiving three "Buy" ratings and three "Hold" ratings, and an average price target of $4.60.
• BlackBerry's latest earnings report revealed a net revenue decline of 15.5% year-over-year, but the company surpassed analysts' earnings estimates with $0.02 EPS compared to a consensus of ($0.01).

BlackBerry Limited (NYSE:BB - Get Free Report)'s stock price was up 5% during mid-day trading on Thursday . The stock traded as high as $4.60 and last traded at $4.48. Approximately 11,119,923 shares changed hands during trading, a decline of 31% from the average daily volume of 16,179,188 shares. The stock had previously closed at $4.27.

Analysts Set New Price Targets

BB has been the subject of several recent research reports. Wall Street Zen cut shares of BlackBerry from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Robert W. Baird increased their target price on BlackBerry from $4.00 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, June 25th. Royal Bank Of Canada set a $4.00 price objective on shares of BlackBerry and gave the stock a "sector perform" rating in a research note on Monday. Canaccord Genuity Group increased their price target on shares of BlackBerry from $4.25 to $4.60 and gave the company a "hold" rating in a report on Tuesday, June 24th. Finally, CIBC reaffirmed an "outperform" rating on shares of BlackBerry in a report on Tuesday, June 24th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, BlackBerry currently has an average rating of "Moderate Buy" and an average price target of $4.60.

BlackBerry Stock Down 0.4%

The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $2.51 billion, a P/E ratio of -70.92 and a beta of 1.49. The stock's 50-day moving average price is $3.85 and its two-hundred day moving average price is $3.88.

BlackBerry (NYSE:BB - Get Free Report) last released its earnings results on Tuesday, June 24th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.03. BlackBerry had a positive return on equity of 2.29% and a negative net margin of 6.44%.The business had revenue of $121.26 million during the quarter, compared to the consensus estimate of $112.18 million. During the same period last year, the business posted ($0.03) earnings per share. The business's revenue for the quarter was down 15.5% on a year-over-year basis. As a group, research analysts expect that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at BlackBerry

In other BlackBerry news, CEO John Joseph Giamatteo sold 26,998 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $4.32, for a total value of $116,631.36. Following the completion of the sale, the chief executive officer directly owned 530,135 shares of the company's stock, valued at $2,290,183.20. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 42,200 shares of company stock valued at $182,385 over the last three months. Company insiders own 0.37% of the company's stock.

Institutional Trading of BlackBerry

Institutional investors have recently modified their holdings of the business. Voya Investment Management LLC purchased a new stake in BlackBerry in the 1st quarter worth approximately $95,166,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in BlackBerry by 69.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,112,391 shares of the company's stock worth $87,064,000 after purchasing an additional 9,442,676 shares in the last quarter. Vanguard Group Inc. lifted its stake in BlackBerry by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 23,084,515 shares of the company's stock worth $86,936,000 after purchasing an additional 218,684 shares in the last quarter. First Trust Advisors LP lifted its stake in BlackBerry by 5.0% in the 2nd quarter. First Trust Advisors LP now owns 15,748,114 shares of the company's stock worth $72,126,000 after purchasing an additional 751,216 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in BlackBerry by 1,390.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,589,886 shares of the company's stock worth $71,397,000 after purchasing an additional 14,544,005 shares in the last quarter. 54.48% of the stock is currently owned by hedge funds and other 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.

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