BlackBerry (NYSE:BB) Trading 4.7% Higher – Still a Buy?

BlackBerry Limited (NYSE:BB)’s share price rose 4.7% during trading on Wednesday . The stock traded as high as $2.45 and last traded at $2.45. Approximately 3,072,983 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 9,046,541 shares. The stock had previously closed at $2.34.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BB shares. CIBC upgraded BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price on the stock in a research note on Thursday, June 27th. Robert W. Baird lowered their price objective on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Canaccord Genuity Group reduced their target price on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. Raymond James decreased their price target on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research note on Friday, June 28th. Finally, Canaccord Genuity Group dropped their price objective on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.20.

BlackBerry Price Performance

The firm has a market cap of $1.47 billion, a P/E ratio of -9.84 and a beta of 1.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. The company’s 50-day moving average is $2.35 and its two-hundred day moving average is $2.58.

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

Insiders Place Their Bets

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the sale, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BB. Vanguard Group Inc. grew its position in BlackBerry by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after acquiring an additional 149,444 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of BlackBerry by 9.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock valued at $27,920,000 after purchasing an additional 886,523 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of BlackBerry during the first quarter worth about $645,000. Cubist Systematic Strategies LLC increased its stake in shares of BlackBerry by 815.6% in the second 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 during the period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in BlackBerry by 132.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after buying an additional 3,458,275 shares during the last quarter. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.