CIBC Issues Pessimistic Forecast for BlackBerry (NYSE:BB) Stock Price

BlackBerry (NYSE:BB) had its target price dropped by equities research analysts at CIBC from $7.00 to $6.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperformer” rating on the stock. CIBC’s price target suggests a potential upside of 88.68% from the stock’s current price.

A number of other research firms have also commented on BB. Canaccord Genuity Group reduced their price objective on shares of BlackBerry from $4.75 to $4.25 and set a “hold” rating on the stock in a research note on Thursday. StockNews.com cut shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday. Robert W. Baird boosted their price objective on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $4.00 target price on shares of BlackBerry in a research report on Tuesday. Finally, TD Cowen raised shares of BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the company from $3.25 to $4.00 in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.15.

BlackBerry Price Performance

Shares of NYSE BB traded down $0.21 during mid-day trading on Thursday, hitting $3.18. 10,288,605 shares of the stock traded hands, compared to its average volume of 24,072,250. The company has a market cap of $1.90 billion, a PE ratio of -14.45 and a beta of 1.30. BlackBerry has a twelve month low of $2.01 and a twelve month high of $6.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a 50 day simple moving average of $4.67 and a two-hundred day simple moving average of $3.51.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Wednesday, April 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The company had revenue of $141.70 million during the quarter, compared to the consensus estimate of $137.56 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that BlackBerry will post -0.03 EPS for the current fiscal year.

Insider Transactions at BlackBerry

In related news, CAO Jay P. Chai sold 24,425 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $4.19, for a total transaction of $102,340.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mattias Eriksson sold 12,680 shares of BlackBerry stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.00, for a total value of $50,720.00. Following the transaction, the insider now directly owns 278,306 shares of the company’s stock, valued at $1,113,224. The trade was a 4.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,308 shares of company stock worth $281,914 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its position in shares of BlackBerry by 63.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after purchasing an additional 3,811 shares during the last quarter. Quantinno Capital Management LP bought a new position in shares of BlackBerry during the third quarter valued at about $38,000. Masso Torrence Wealth Management Inc. purchased a new stake in BlackBerry during the 4th quarter valued at about $38,000. Mindset Wealth Management LLC purchased a new stake in shares of BlackBerry during the fourth quarter valued at approximately $38,000. Finally, Quadrant Capital Group LLC boosted its position in BlackBerry by 100.3% during the 4th 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 period. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.