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.
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.
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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