BlackBerry (NYSE:BB – Get Free Report)‘s stock had its “sector perform” rating reissued by equities researchers at Royal Bank of Canada in a report issued on Friday, Benzinga reports. They presently have a $4.50 price objective on the stock. Royal Bank of Canada’s price target indicates a potential downside of 3.64% from the company’s current price.
Other equities research analysts have also issued research reports about the company. Robert W. Baird dropped their price target on BlackBerry from $6.00 to $5.50 in a research note on Thursday, September 7th. StockNews.com cut shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. TD Securities boosted their price objective on shares of BlackBerry from $4.00 to $5.00 and gave the stock a “hold” rating in a report on Friday, June 30th. Finally, Canaccord Genuity Group reduced their target price on shares of BlackBerry from $5.37 to $5.00 and set a “hold” rating on the stock in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, BlackBerry currently has a consensus rating of “Hold” and an average price target of $5.58.
Read Our Latest Stock Report on BB
BlackBerry Price Performance
NYSE BB traded down $0.09 during trading on Friday, reaching $4.67. The company’s stock had a trading volume of 8,109,764 shares, compared to its average volume of 5,853,147. The stock has a market capitalization of $2.73 billion, a PE ratio of -4.45 and a beta of 1.51. The firm has a fifty day moving average of $4.93 and a 200 day moving average of $4.92. BlackBerry has a one year low of $3.17 and a one year high of $5.75.
BlackBerry (NYSE:BB – Get Free Report) last issued its quarterly earnings results on Thursday, September 28th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $132.00 million for the quarter, compared to analyst estimates of $134.25 million. BlackBerry had a negative net margin of 65.50% and a negative return on equity of 6.39%. The business’s revenue for the quarter was down 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) EPS.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in BlackBerry in the 4th quarter worth $38,430,000. Legal & General Group Plc increased its holdings in BlackBerry by 9.6% during the 4th quarter. Legal & General Group Plc now owns 21,101,291 shares of the company’s stock valued at $68,679,000 after purchasing an additional 1,855,903 shares during the period. Bank of America Corp DE raised its position in BlackBerry by 138.0% during the 1st quarter. Bank of America Corp DE now owns 2,545,157 shares of the company’s stock valued at $18,987,000 after purchasing an additional 1,475,870 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in BlackBerry by 171.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,266,443 shares of the company’s stock worth $10,335,000 after buying an additional 1,432,900 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in shares of BlackBerry by 98.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,595,103 shares of the company’s stock worth $11,837,000 after buying an additional 1,289,346 shares during the last quarter. 42.66% of the stock is owned by hedge funds and other institutional investors.
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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.
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