BlackBerry (NYSE:BB) CEO Sells 151,000 Shares of Stock

Key Points

• BlackBerry CEO John Giamatteo sold 151,000 shares at an average price of $9.40, generating $1.42 million and reducing his direct ownership by 19.05% to 641,494 shares.
• Giamatteo has made several additional sales recently, including 99,000 shares on October 22, bringing the disclosed recent transactions to more than 300,000 shares sold.
• BlackBerry shares fell 8.9% to $8.57, while the company reported quarterly revenue and earnings above analyst expectations. Analysts maintain an overall “Hold” rating with an average price target of $9.86.

BlackBerry Limited (NYSE:BB - Get Free Report) CEO John Giamatteo sold 151,000 shares of the firm's stock in a transaction dated Wednesday, October 21st. The stock was sold at an average price of $9.40, for a total value of $1,419,400.00. Following the sale, the chief executive officer directly owned 641,494 shares of the company's stock, valued at $6,030,043.60. The trade was a 19.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

John Joseph Giamatteo also recently made the following trade(s):

• On Thursday, October 22nd, John Giamatteo sold 99,000 shares of BlackBerry stock. The stock was sold at an average price of $8.74, for a total transaction of $865,260.00.
• On Friday, October 9th, John Giamatteo sold 27,004 shares of BlackBerry stock. The stock was sold at an average price of $8.36, for a total value of $225,753.44.
• On Friday, October 2nd, John Giamatteo sold 29,272 shares of BlackBerry stock. The shares were sold at an average price of $9.20, for a total value of $269,302.40.

BlackBerry Stock Down 8.9%

Shares of NYSE BB traded down $0.84 during midday trading on Thursday, hitting $8.57. The company's stock had a trading volume of 12,404,331 shares, compared to its average volume of 18,277,428. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 71.41 and a beta of 2.20. The business's fifty day simple moving average is $8.34 and its two-hundred day simple moving average is $8.10. BlackBerry Limited has a 1 year low of $3.12 and a 1 year high of $13.59.

BlackBerry (NYSE:BB - Get Free Report) last announced its quarterly earnings data on Thursday, September 24th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.03. The business had revenue of $166.56 million during the quarter, compared to analysts' expectations of $144.22 million. BlackBerry had a return on equity of 13.71% and a net margin of 13.09%. The business's quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 EPS. BlackBerry has set its FY 2027 guidance at 0.190-0.220 EPS and its Q3 2027 guidance at 0.040-0.050 EPS. On average, equities analysts predict that BlackBerry Limited will post 0.17 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Canadian Imperial Bank of Commerce lifted their price objective on BlackBerry from $10.00 to $13.00 and gave the company an "outperformer" rating in a report on Friday, June 26th. Stifel Nicolaus initiated coverage on BlackBerry in a research note on Wednesday, June 24th. They set a "buy" rating and a $12.00 target price for the company. Canaccord Genuity Group cut their target price on BlackBerry from $10.30 to $9.50 and set a "hold" rating for the company in a research note on Friday, September 25th. TD Securities reissued a "hold" rating and issued a $8.00 price target on shares of BlackBerry in a report on Friday, June 26th. Finally, Wall Street Zen upgraded BlackBerry from a "hold" rating to a "buy" rating in a research note on Saturday, August 29th. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, BlackBerry presently has an average rating of "Hold" and an average target price of $9.86.

Hedge Funds Weigh In On BlackBerry

Several institutional investors and hedge funds have recently bought and sold shares of BB. Legal & General Group Plc purchased a new stake in BlackBerry during the second quarter worth approximately $480,710,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in BlackBerry in the 2nd quarter worth approximately $69,786,000. Bank of America Corp DE acquired a new position in shares of BlackBerry during the second quarter worth $64,718,000. BlackRock Inc. purchased a new stake in BlackBerry during the 2nd quarter worth $42,002,000. Finally, Primecap Management Co. CA purchased a new stake in BlackBerry during the 2nd quarter worth $36,362,000. Institutional investors and hedge funds own 54.48% of the company's stock.

BlackBerry Company Profile

BlackBerry Limited NYSE: BB is a Canadian software company headquartered in Waterloo, Ontario. Once best known for its BlackBerry smartphones and secure mobile messaging, the company has transitioned away from manufacturing smartphones and now focuses on cybersecurity and Internet of Things (IoT) software.

BlackBerry's cybersecurity business provides endpoint security, unified endpoint management, secure communications and other tools designed to protect devices, applications and data.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.