BlackBerry (NYSE:BB) Stock Price Up 13.1% – Here’s Why

BlackBerry Limited (NYSE:BB) shares rose 13.1% during trading on Monday . The stock traded as high as $2.93 and last traded at $2.93. Approximately 27,265,500 shares traded hands during mid-day trading, an increase of 195% from the average daily volume of 9,251,570 shares. The stock had previously closed at $2.59.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BB shares. CIBC upped their target price on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Friday, September 27th. Canaccord Genuity Group lifted their price target on BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a research report on Friday, October 18th. Finally, StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday. Seven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $3.23.

BlackBerry Stock Performance

The business has a 50 day moving average price of $2.44 and a two-hundred day moving average price of $2.44. The stock has a market cap of $1.74 billion, a PE ratio of -11.36 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $145.00 million during the quarter, compared to analyst estimates of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) earnings per share. As a group, equities research analysts forecast that BlackBerry Limited will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the transaction, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently bought and sold shares of BB. Millennium Management LLC boosted its position in BlackBerry by 5,408.9% in the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of BlackBerry by 15.9% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock valued at $31,238,000 after buying an additional 1,637,916 shares in the last quarter. Intact Investment Management Inc. lifted its position in shares of BlackBerry by 508.1% during the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock valued at $2,862,000 after buying an additional 956,690 shares in the last quarter. Potrero Capital Research LLC purchased a new position in shares of BlackBerry during the 3rd quarter valued at about $2,359,000. Finally, Cubist Systematic Strategies LLC lifted its position in shares of BlackBerry by 815.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock valued at $1,361,000 after buying an additional 488,934 shares in the last quarter. 54.48% of the stock is currently owned by 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 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.