BlackBerry (NYSE:BB) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

BlackBerry Stock Performance

NYSE:BB traded down $0.46 during trading hours on Wednesday, reaching $3.27. The company had a trading volume of 10,163,220 shares, compared to its average volume of 13,366,262. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry has a 1-year low of $2.01 and a 1-year high of $6.24. The business’s 50 day moving average price is $4.69 and its 200-day moving average price is $3.50. The firm has a market cap of $1.95 billion, a PE ratio of -14.87 and a beta of 1.27.

Analyst Ratings Changes

BB has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $4.00 price objective on shares of BlackBerry in a report on Tuesday. Robert W. Baird raised their price target on shares of BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Canaccord Genuity Group boosted their price objective on shares of BlackBerry from $3.00 to $4.75 and gave the company a “hold” rating in a research report on Tuesday, March 11th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and increased their target price for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, BlackBerry presently has an average rating of “Moderate Buy” and a consensus target price of $3.91.

Insider Transactions at BlackBerry

In related news, insider Mattias Eriksson sold 12,680 shares of BlackBerry stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.00, for a total value of $50,720.00. Following the completion of the transaction, the insider now owns 278,306 shares in the company, valued at $1,113,224. The trade was a 4.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jay P. Chai sold 24,425 shares of the 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 have sold 244,221 shares of company stock valued at $925,655 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

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.