BlackBerry Limited (NYSE:BB) Shares Sold by NewGen Asset Management Ltd

NewGen Asset Management Ltd cut its holdings in shares of BlackBerry Limited (NYSE:BB - Free Report) by 55.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,700,000 shares of the company's stock after selling 2,078,360 shares during the quarter. BlackBerry comprises approximately 4.2% of NewGen Asset Management Ltd's investment portfolio, making the stock its 7th biggest position. NewGen Asset Management Ltd owned 0.29% of BlackBerry worth $6,409,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BB. Parallel Advisors LLC boosted its holdings in BlackBerry by 216.2% during the 1st quarter. Parallel Advisors LLC now owns 7,156 shares of the company's stock valued at $27,000 after acquiring an additional 4,893 shares during the period. Tower Research Capital LLC TRC raised its position in 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 purchasing an additional 3,811 shares in the last quarter. Mindset Wealth Management LLC acquired a new stake in BlackBerry in the 4th quarter valued at about $38,000. Quadrant Capital Group LLC raised its position in 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 purchasing an additional 5,008 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in BlackBerry in the 4th quarter valued at about $40,000. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BB shares. Wall Street Zen lowered BlackBerry from a "buy" rating to a "hold" rating in a research report on Saturday. CIBC cut their target price on BlackBerry from $7.00 to $6.00 and set an "outperformer" rating on the stock in a research report on Thursday, April 3rd. Royal Bank of Canada set a $3.75 price target on BlackBerry in a research report on Thursday, April 3rd. Finally, Canaccord Genuity Group cut their price target on BlackBerry from $4.75 to $4.25 and set a "hold" rating on the stock in a research report on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, BlackBerry presently has an average rating of "Hold" and an average target price of $4.12.

Insider Activity at BlackBerry

In related news, SVP Jennifer Armstrong-Owen sold 29,940 shares of BlackBerry stock in a transaction on Friday, April 4th. The stock was sold at an average price of $2.99, for a total transaction of $89,520.60. Following the completion of the transaction, the senior vice president now directly owns 42,398 shares of the company's stock, valued at approximately $126,770.02. The trade was a 41.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 37,216 shares of company stock worth $112,025 over the last three months. 0.37% of the stock is currently owned by corporate insiders.

BlackBerry Stock Performance

Shares of BB stock traded down $0.11 during midday trading on Friday, hitting $4.08. The company had a trading volume of 18,004,505 shares, compared to its average volume of 14,035,034. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry Limited has a 52-week low of $2.01 and a 52-week high of $6.24. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -18.54 and a beta of 1.45. The company's 50 day simple moving average is $3.67 and its 200 day simple moving average is $3.95.

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, beating analysts' consensus estimates of $0.02 by $0.01. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm had revenue of $141.70 million for the quarter, compared to the consensus estimate of $137.56 million. During the same period in the previous year, the business earned $0.03 earnings per share. The company's revenue for the quarter was down 7.3% compared to the same quarter last year. Research analysts anticipate that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

About BlackBerry

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.