BlackBerry (NYSE:BB) Shares Down 7.2%

BlackBerry Limited (NYSE:BBGet Free Report)’s share price fell 7.2% during trading on Wednesday . The company traded as low as $3.18 and last traded at $3.22. 11,529,917 shares traded hands during trading, an increase of 16% from the average session volume of 9,943,146 shares. The stock had previously closed at $3.47.

Wall Street Analyst Weigh In

BB has been the topic of several research analyst reports. Robert W. Baird dropped their price objective on BlackBerry from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. CIBC cut their price target on BlackBerry from $4.25 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a research report on Thursday, April 4th. Finally, StockNews.com downgraded BlackBerry from a “hold” rating to a “sell” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $4.08.

Read Our Latest Stock Report on BB

BlackBerry Trading Down 6.9 %

The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -13.29 and a beta of 1.40. The business’s 50 day moving average price is $2.86 and its two-hundred day moving average price is $3.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BBGet Free Report) last posted its quarterly earnings data on Wednesday, April 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.06. The business had revenue of $173.00 million during the quarter, compared to the consensus estimate of $150.47 million. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. BlackBerry’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. Equities analysts forecast that BlackBerry Limited will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of BlackBerry

Several hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in BlackBerry by 13.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 107,025 shares of the company’s stock valued at $509,000 after purchasing an additional 12,607 shares during the period. CIBC Asset Management Inc increased its stake in BlackBerry by 3.3% in the 3rd quarter. CIBC Asset Management Inc now owns 503,926 shares of the company’s stock valued at $2,393,000 after buying an additional 16,280 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in BlackBerry in the 3rd quarter valued at about $195,000. Barclays PLC increased its stake in BlackBerry by 3.1% in the 3rd quarter. Barclays PLC now owns 256,199 shares of the company’s stock valued at $1,207,000 after buying an additional 7,785 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of BlackBerry during the 3rd quarter worth approximately $48,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

(Get Free Report)

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.

Further Reading

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