Insider Selling: BlackBerry (NYSE:BB) CEO Sells $865,260.00 in Stock

BlackBerry Limited (NYSE:BB) CEO John Giamatteo sold 99,000 shares of BlackBerry stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $8.74, for a total value of $865,260.00. Following the completion of the transaction, the chief executive officer owned 542,494 shares of the company’s stock, valued at approximately $4,741,397.56. The trade was a 15.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

John Joseph Giamatteo also recently made the following trade(s):

• On Wednesday, October 21st, John Giamatteo sold 151,000 shares of BlackBerry stock. The shares were sold at an average price of $9.40, for a total value of $1,419,400.00.
• On Friday, October 9th, John Giamatteo sold 27,004 shares of BlackBerry stock. The stock was sold at an average price of $8.36, for a total value of $225,753.44.
• On Friday, October 2nd, John Giamatteo sold 29,272 shares of BlackBerry stock. The stock was sold at an average price of $9.20, for a total value of $269,302.40.

BlackBerry Stock Performance

Shares of NYSE BB traded down $0.84 during mid-day trading on Thursday, hitting $8.57. The company had a trading volume of 12,404,331 shares, compared to its average volume of 18,277,428. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 71.41 and a beta of 2.20. BlackBerry Limited has a 12 month low of $3.12 and a 12 month high of $13.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.38 and a quick ratio of 2.38. The firm’s 50 day simple moving average is $8.34 and its two-hundred day simple moving average is $8.10.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Thursday, September 24th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $166.56 million during the quarter, compared to analyst estimates of $144.22 million. BlackBerry had a return on equity of 13.71% and a net margin of 13.09%. The business’s revenue for the quarter was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 EPS. BlackBerry has set its FY 2027 guidance at 0.190-0.220 EPS and its Q3 2027 guidance at 0.040-0.050 EPS. As a group, equities research analysts forecast that BlackBerry Limited will post 0.17 earnings per share for the current year.

Institutional Trading of BlackBerry

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in BlackBerry during the 2nd quarter worth $480,710,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of BlackBerry during the second quarter valued at $69,786,000. Bank of America Corp DE acquired a new position in shares of BlackBerry during the second quarter valued at $64,718,000. Renaissance Technologies LLC increased its holdings in shares of BlackBerry by 139.2% during the first quarter. Renaissance Technologies LLC now owns 3,545,543 shares of the company’s stock valued at $11,488,000 after purchasing an additional 2,063,153 shares during the period. Finally, BlackRock Inc. bought a new stake in shares of BlackBerry during the second quarter valued at about $42,002,000. Institutional investors own 54.48% of the company’s stock.

Analysts Set New Price Targets

BB has been the subject of several analyst reports. Wall Street Zen raised shares of BlackBerry from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. Canaccord Genuity Group dropped their price objective on shares of BlackBerry from $10.30 to $9.50 and set a “hold” rating on the stock in a report on Friday, September 25th. Weiss Ratings upgraded shares of BlackBerry from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Canadian Imperial Bank of Commerce lifted their price objective on shares of BlackBerry from $10.00 to $13.00 and gave the company an “outperformer” rating in a research report on Friday, June 26th. Finally, TD Securities reissued a “hold” rating and set a $8.00 target price on shares of BlackBerry in a research note on Friday, June 26th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, BlackBerry presently has a consensus rating of “Hold” and a consensus target price of $9.86.

About BlackBerry

BlackBerry Limited (NYSE:BB) is a Canadian software company headquartered in Waterloo, Ontario. Once best known for its BlackBerry smartphones and secure mobile messaging, the company has transitioned away from manufacturing smartphones and now focuses on cybersecurity and Internet of Things (IoT) software.

BlackBerry’s cybersecurity business provides endpoint security, unified endpoint management, secure communications and other tools designed to protect devices, applications and data.