Canaccord Genuity Group Forecasts Strong Price Appreciation for BlackBerry (NYSE:BB) Stock

BlackBerry (NYSE:BB) had its price objective increased by equities research analysts at Canaccord Genuity Group from $3.00 to $4.75 in a report issued on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 13.23% from the stock’s previous close.

A number of other brokerages also recently issued reports on BB. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. TD Cowen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and increased their target price for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. Robert W. Baird raised their price target on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and upped their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Finally, Royal Bank of Canada lifted their price objective on BlackBerry from $3.25 to $4.00 and gave the company a “sector perform” rating in a research note on Friday, January 10th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, BlackBerry presently has a consensus rating of “Moderate Buy” and an average price target of $3.91.

BlackBerry Stock Down 7.2 %

BB opened at $4.20 on Tuesday. BlackBerry has a 12 month low of $2.01 and a 12 month high of $6.24. The company has a market cap of $2.50 billion, a PE ratio of -19.07 and a beta of 1.27. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $4.59 and a 200 day moving average of $3.28.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $143.00 million during the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share. On average, sell-side analysts expect that BlackBerry will post -0.03 EPS for the current year.

Insider Buying and Selling at BlackBerry

In other news, CEO John Joseph Giamatteo sold 29,402 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $4.00, for a total value of $117,608.00. Following the completion of the sale, the chief executive officer now owns 490,761 shares of the company’s stock, valued at approximately $1,963,044. This represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mattias Eriksson sold 14,475 shares of BlackBerry stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total transaction of $53,268.00. Following the completion of the transaction, the insider now owns 238,838 shares in the company, valued at approximately $878,923.84. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,221 shares of company stock worth $925,655 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Several institutional investors have recently added to or reduced their stakes in BB. Tower Research Capital LLC TRC lifted its stake in shares of BlackBerry by 63.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after acquiring an additional 3,811 shares during the last quarter. Masso Torrence Wealth Management Inc. purchased a new position in BlackBerry in the 4th quarter worth approximately $38,000. Mindset Wealth Management LLC bought a new stake in BlackBerry in the fourth quarter valued at approximately $38,000. Quadrant Capital Group LLC boosted its stake in shares of BlackBerry by 100.3% during the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after purchasing an additional 5,008 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of BlackBerry in the fourth quarter worth approximately $40,000. 54.48% of the stock is currently 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 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.