BlackBerry (NYSE:BB) Trading Down 3.2% – Time to Sell?

by · The Markets Daily

Shares of BlackBerry Limited (NYSE:BB – Get Free Report) dropped 3.2% during trading on Friday . The stock traded as low as $4.07 and last traded at $4.08. Approximately 3,897,596 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 18,118,139 shares. The stock had previously closed at $4.21.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BB shares. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Robert W. Baird boosted their target price on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Friday, December 20th. Canaccord Genuity Group raised their price target on BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday, December 20th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and lifted their price objective for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, CIBC increased their target price on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.69.

Check Out Our Latest Stock Report on BB

BlackBerry Price Performance

The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -18.25 and a beta of 1.30. The company has a 50-day moving average price of $3.14 and a 200-day moving average price of $2.65. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37.

BlackBerry (NYSE:BB – Get Free Report) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The business had revenue of $143.00 million for the quarter, compared to the consensus estimate of $144.84 million. During the same quarter last year, the business posted $0.01 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts expect that BlackBerry Limited will post -0.03 EPS for the current fiscal year.

Insider Activity at BlackBerry

In related news, CEO John Joseph Giamatteo sold 155,815 shares of BlackBerry stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $573,399.20. Following the sale, the chief executive officer now owns 385,552 shares of the company’s stock, valued at approximately $1,418,831.36. The trade was a 28.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mattias Eriksson sold 14,475 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $53,268.00. Following the transaction, the insider now directly owns 238,838 shares of the company’s stock, valued at $878,923.84. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 219,796 shares of company stock valued at $823,314. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackBerry

A number of hedge funds and other institutional investors have recently modified their holdings of BB. Ballentine Partners LLC bought a new position in BlackBerry in the fourth quarter valued at about $65,000. Barclays PLC raised its position in BlackBerry by 60.2% in the third quarter. Barclays PLC now owns 249,218 shares of the company’s stock valued at $652,000 after purchasing an additional 93,651 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of BlackBerry by 5.3% in the third quarter. Toronto Dominion Bank now owns 718,314 shares of the company’s stock valued at $1,882,000 after buying an additional 36,372 shares during the period. Geode Capital Management LLC raised its holdings in BlackBerry by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock valued at $706,000 after buying an additional 7,652 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of BlackBerry during the third quarter valued at $410,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

(Get Free Report)

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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