BlackBerry (NYSE:BB) Rating Lowered to “Hold” at Wall Street Zen
by Danessa Lincoln · The Markets DailyBlackBerry (NYSE:BB – Get Free Report) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group raised their price target on BlackBerry from $4.25 to $4.60 and gave the company a “hold” rating in a report on Tuesday, June 24th. Robert W. Baird raised their price target on BlackBerry from $4.00 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, June 25th. Royal Bank Of Canada raised their price target on BlackBerry from $3.75 to $4.00 and gave the company a “sector perform” rating in a report on Friday, June 20th. Finally, CIBC restated an “outperform” rating on shares of BlackBerry in a research report on Tuesday, June 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.60.
Get Our Latest Stock Report on BB
BlackBerry Price Performance
Shares of BlackBerry stock opened at $4.33 on Monday. BlackBerry has a one year low of $2.01 and a one year high of $6.24. The stock’s fifty day moving average is $3.97 and its 200 day moving average is $4.09. The stock has a market cap of $2.57 billion, a P/E ratio of -72.17 and a beta of 1.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.10 and a current ratio of 2.10.
BlackBerry (NYSE:BB – Get Free Report) last posted its quarterly earnings results on Tuesday, June 24th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $121.26 million for the quarter, compared to analysts’ expectations of $112.18 million. BlackBerry had a positive return on equity of 2.29% and a negative net margin of 6.44%. The business’s quarterly revenue was down 15.5% on a year-over-year basis. During the same period last year, the firm earned ($0.03) earnings per share. Sell-side analysts anticipate that BlackBerry will post -0.03 earnings per share for the current year.
Insider Transactions at BlackBerry
In related news, insider Philip S. Kurtz sold 16,217 shares of BlackBerry stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $5.25, for a total value of $85,139.25. Following the completion of the transaction, the insider owned 57,503 shares in the company, valued at approximately $301,890.75. This trade represents a 22.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jennifer Armstrong-Owen sold 29,940 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $2.99, for a total value of $89,520.60. Following the sale, the senior vice president directly owned 42,398 shares in the company, valued at $126,770.02. The trade was a 41.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,353 shares of company stock valued at $190,196. Company insiders own 0.37% of the company’s stock.
Institutional Investors Weigh In On BlackBerry
Large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its stake in shares of BlackBerry by 216.2% during the first quarter. Parallel Advisors LLC now owns 7,156 shares of the company’s stock valued at $27,000 after buying an additional 4,893 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of BlackBerry by 63.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after buying an additional 3,811 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of BlackBerry during the first quarter valued at approximately $37,000. Mindset Wealth Management LLC bought a new position in shares of BlackBerry during the fourth quarter valued at approximately $38,000. Finally, Quadrant Capital Group LLC grew 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 buying an additional 5,008 shares during the last quarter. 54.48% of the stock is owned by institutional investors.
BlackBerry Company Profile
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.
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