BlackBerry Limited (BBRY) Sees Large Decrease in Short Interest

BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) saw a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 38,543,592 shares, a decrease of 3.5% from the July 31st total of 39,952,028 shares. Based on an average trading volume of 3,441,174 shares, the short-interest ratio is presently 11.2 days. Approximately 7.4% of the shares of the stock are sold short.

A number of brokerages have recently commented on BBRY. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating on shares of BlackBerry Limited in a research report on Sunday, August 13th. William Blair reiterated a “market perform” rating on shares of BlackBerry Limited in a research report on Tuesday, July 4th. Wells Fargo & Company reiterated a “market perform” rating and set a $9.00 price objective (up previously from $8.50) on shares of BlackBerry Limited in a research report on Monday, June 26th. BidaskClub downgraded BlackBerry Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $10.00 price objective (up previously from $9.00) on shares of BlackBerry Limited in a research report on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.56.

Shares of BlackBerry Limited (BBRY) remained flat at $9.27 during trading on Friday. 2,952,449 shares of the company were exchanged. The firm has a market capitalization of $4.92 billion, a PE ratio of 38.15 and a beta of 0.99. The stock has a 50-day moving average price of $9.07 and a 200 day moving average price of $9.17. BlackBerry Limited has a one year low of $6.65 and a one year high of $11.74.

BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last announced its quarterly earnings results on Friday, June 23rd. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. The firm had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $262.80 million. The firm’s revenue for the quarter was down 42.5% on a year-over-year basis. On average, equities analysts predict that BlackBerry Limited will post $0.04 earnings per share for the current fiscal year.

BlackBerry Limited declared that its Board of Directors has initiated a stock buyback plan on Friday, June 23rd that allows the company to repurchase 31,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in BBRY. Capstone Asset Management Co. increased its position in BlackBerry Limited by 13.2% in the 1st quarter. Capstone Asset Management Co. now owns 62,943 shares of the company’s stock valued at $488,000 after acquiring an additional 7,330 shares during the period. Korea Investment CORP acquired a new stake in shares of BlackBerry Limited during the first quarter worth $237,000. Beck Mack & Oliver LLC acquired a new stake in shares of BlackBerry Limited during the first quarter worth $105,000. Exane Derivatives increased its position in shares of BlackBerry Limited by 84.8% during the first quarter. Exane Derivatives now owns 28,367 shares of the company’s stock worth $220,000 after buying an additional 13,018 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of BlackBerry Limited by 3.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 781,943 shares of the company’s stock worth $6,054,000 after buying an additional 24,023 shares during the period. Hedge funds and other institutional investors own 63.36% of the company’s stock.

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BlackBerry Limited Company Profile

BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.

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