BlackBerry (NYSE:BB) Trading 9.6% Higher – What’s Next?

BlackBerry Limited (NYSE:BB) was up 9.6% during trading on Wednesday . The company traded as high as $5.03 and last traded at $5.07. Approximately 20,230,713 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 20,353,684 shares. The stock had previously closed at $4.62.

Wall Street Analyst Weigh In

A number of research analysts have commented on BB shares. Robert W. Baird boosted their target price 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 boosted their price target on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research report on Friday, January 10th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Canaccord Genuity Group boosted their price target on BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research report on Friday, December 20th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock 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 issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $3.69.

BlackBerry Stock Up 1.6 %

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of -23.84 and a beta of 1.31. The firm has a 50-day moving average of $3.71 and a two-hundred day moving average of $2.85.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share 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 during the quarter, compared to analysts’ expectations of $144.84 million. During the same quarter in the previous year, the firm earned $0.01 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. As a group, sell-side analysts predict that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mattias Eriksson sold 14,475 shares of the company’s 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 completion of the sale, the insider now owns 238,838 shares in the company, valued at approximately $878,923.84. This represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 244,221 shares of company stock valued at $925,655. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

A number of large investors have recently bought and sold shares of the business. EdgePoint Investment Group Inc. grew its position in BlackBerry by 15.9% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock worth $31,238,000 after acquiring an additional 1,637,916 shares during the last quarter. Millennium Management LLC grew its position in BlackBerry by 5,408.9% during the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after acquiring an additional 3,369,296 shares during the last quarter. Intact Investment Management Inc. grew its position in BlackBerry by 25.7% during the 3rd quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after acquiring an additional 294,250 shares during the last quarter. State Street Corp grew its position in BlackBerry by 1.9% during the 3rd quarter. State Street Corp now owns 1,309,606 shares of the company’s stock worth $3,431,000 after acquiring an additional 24,309 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in BlackBerry by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,212,230 shares of the company’s stock worth $3,194,000 after acquiring an additional 11,899 shares during the last quarter. 54.48% of the stock is currently owned by institutional investors.

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.