BlackBerry (NYSE:BB) Announces Quarterly Earnings Results

BlackBerry (NYSE:BB) released its quarterly earnings results on Wednesday. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01, Zacks reports. The company had revenue of $141.70 million during the quarter, compared to analysts’ expectations of $137.56 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.03 earnings per share.

BlackBerry Stock Performance

Shares of NYSE BB traded down $0.36 during midday trading on Wednesday, reaching $3.38. 8,207,763 shares of the stock were exchanged, compared to its average volume of 23,857,848. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of -15.33 and a beta of 1.27. The firm has a 50-day simple moving average of $4.69 and a two-hundred day simple moving average of $3.50. BlackBerry has a twelve month low of $2.01 and a twelve month high of $6.24.

Insider Activity at BlackBerry

In other BlackBerry news, CEO John Joseph Giamatteo sold 155,815 shares of the firm’s stock in a transaction that occurred on 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 directly owns 385,552 shares of the company’s stock, valued at approximately $1,418,831.36. This trade represents a 28.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jay P. Chai sold 24,425 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. Insiders sold a total of 244,221 shares of company stock worth $925,655 in the last three months. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BB. Canaccord Genuity Group lifted their price objective on shares of BlackBerry from $3.00 to $4.75 and gave the stock a “hold” rating in a research note on Tuesday, March 11th. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and upped their target price for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $4.00 price target on shares of BlackBerry in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.91.

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.