Canaccord Genuity Group Cuts BlackBerry (NYSE:BB) Price Target to $4.25

BlackBerry (NYSE:BB) had its price target dropped by research analysts at Canaccord Genuity Group from $4.75 to $4.25 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 25.74% from the stock’s previous close.

A number of other brokerages have also recently weighed in on BB. Robert W. Baird lifted their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. TD Cowen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a research 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 research note on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $4.00 price objective on shares of BlackBerry in a research note on Tuesday. Finally, StockNews.com cut BlackBerry from a “hold” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BlackBerry presently has an average rating of “Hold” and an average price target of $3.85.

BlackBerry Price Performance

Shares of NYSE:BB opened at $3.38 on Thursday. The firm’s 50 day moving average is $4.67 and its two-hundred day moving average is $3.51. The firm has a market capitalization of $2.02 billion, a P/E ratio of -15.36 and a beta of 1.30. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27. BlackBerry has a 52 week low of $2.01 and a 52 week high of $6.24.

BlackBerry (NYSE:BB) last posted its earnings results on Wednesday, April 2nd. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $137.56 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. Analysts anticipate that BlackBerry will post -0.03 earnings per share for the current year.

Insider Activity at BlackBerry

In other BlackBerry news, CEO John Joseph Giamatteo sold 29,402 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 490,761 shares in the company, valued at $1,963,044. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jay P. Chai sold 24,425 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $4.19, for a total transaction of $102,340.75. The disclosure for this sale can be found here. Insiders sold a total of 69,308 shares of company stock valued at $281,914 over the last ninety days. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its position in shares of BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after buying an additional 3,811 shares during the period. Quantinno Capital Management LP acquired a new position in BlackBerry during the third quarter valued at $38,000. Masso Torrence Wealth Management Inc. purchased a new stake in BlackBerry in the 4th quarter worth about $38,000. Mindset Wealth Management LLC acquired a new stake in BlackBerry during the 4th quarter worth about $38,000. Finally, Quadrant Capital Group LLC grew its stake in BlackBerry by 100.3% during the 4th quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after acquiring an additional 5,008 shares in the last quarter. 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.