Connor Clark & Lunn Investment Management Ltd. Buys 9,442,676 Shares of BlackBerry Limited (NYSE:BB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in BlackBerry by 69.1% during the first quarter, owning over 23 million shares valued at approximately $87 million.
• In recent updates, various institutional investors, including Parallel Advisors LLC, have significantly raised their positions in BlackBerry, indicating growing confidence in the company.
• BlackBerry reported earnings of $0.02 per share, exceeding analyst expectations, despite a 15.5% year-over-year decline in quarterly revenue.

Connor Clark & Lunn Investment Management Ltd. raised its position in BlackBerry Limited (NYSE:BB - Free Report) by 69.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,112,391 shares of the company's stock after buying an additional 9,442,676 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 3.88% of BlackBerry worth $87,064,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BB. Parallel Advisors LLC increased 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 during the last quarter. Tower Research Capital LLC TRC raised 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 worth $37,000 after purchasing an additional 3,811 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of BlackBerry in the 1st quarter worth approximately $37,000. Quadrant Capital Group LLC raised 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 worth $38,000 after purchasing an additional 5,008 shares during the period. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of BlackBerry in the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 54.48% of the company's stock.

Insiders Place Their Bets

In other news, CEO John Joseph Giamatteo sold 26,998 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $4.32, for a total transaction of $116,631.36. Following the completion of the transaction, the chief executive officer directly owned 530,135 shares in the company, valued at $2,290,183.20. The trade was a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Philip S. Kurtz sold 16,217 shares of BlackBerry stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $5.25, for a total transaction of $85,139.25. Following the sale, the insider directly owned 57,503 shares of the company's stock, valued at $301,890.75. This represents a 22.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,417 shares of company stock valued at $267,524 over the last 90 days. Company insiders own 0.37% of the company's stock.

BlackBerry Price Performance

Shares of BB traded up $0.05 during mid-day trading on Wednesday, reaching $3.72. 4,434,841 shares of the stock traded hands, compared to its average volume of 17,891,785. The firm has a fifty day moving average price of $4.08 and a 200 day moving average price of $4.11. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -61.75 and a beta of 1.49. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.27. BlackBerry Limited has a 1 year low of $2.22 and a 1 year high of $6.24.

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

Wall Street Analyst Weigh In

BB has been the topic of a number of research reports. Canaccord Genuity Group lifted their price target on shares of BlackBerry from $4.25 to $4.60 and gave the stock a "hold" rating in a report on Tuesday, June 24th. Wall Street Zen cut shares of BlackBerry from a "buy" rating to a "hold" rating in a report on Saturday. Robert W. Baird lifted their price target on shares of BlackBerry from $4.00 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, June 25th. CIBC reaffirmed an "outperform" rating on shares of BlackBerry in a report on Tuesday, June 24th. Finally, Royal Bank Of Canada lifted their price objective on shares of BlackBerry from $3.75 to $4.00 and gave the company a "sector perform" rating in a research note on Friday, June 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $4.60.

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.