BlackBerry (NYSE:BB) Trading Down 2.8%

BlackBerry Limited (NYSE:BB)’s share price fell 2.8% during mid-day trading on Monday . The company traded as low as $2.43 and last traded at $2.43. 1,859,047 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 10,483,346 shares. The stock had previously closed at $2.50.

Analyst Ratings Changes

A number of equities analysts recently commented on BB shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of BlackBerry in a research note on Thursday, June 27th. Canaccord Genuity Group lowered their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday, June 27th. TD Securities reduced their price objective on BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a research note on Thursday, June 27th. Cibc World Mkts upgraded shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Finally, Raymond James reduced their price target on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, BlackBerry has an average rating of “Hold” and a consensus target price of $3.20.

BlackBerry Stock Performance

The company’s 50-day simple moving average is $2.70 and its 200-day simple moving average is $2.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.43 and a quick ratio of 1.43.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. BlackBerry had a negative return on equity of 6.43% and a negative net margin of 25.80%. The business had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. During the same period in the previous year, the firm posted $0.04 EPS. The company’s quarterly revenue was down 61.4% on a year-over-year basis. Sell-side analysts predict that BlackBerry Limited will post -0.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Mattias Eriksson sold 52,549 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $2.45, for a total transaction of $128,745.05. Following the sale, the insider now owns 214,440 shares in the company, valued at $525,378. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

A number of hedge funds have recently made changes to their positions in the stock. Highlander Capital Management LLC increased its position in BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after purchasing an additional 3,500 shares during the last quarter. Duality Advisers LP raised its position in BlackBerry by 4.1% during the fourth quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock valued at $344,000 after acquiring an additional 3,837 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in BlackBerry by 6.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock valued at $232,000 after acquiring an additional 3,958 shares during the last quarter. Private Advisor Group LLC grew its position in BlackBerry by 28.4% in the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after acquiring an additional 5,645 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its holdings in shares of BlackBerry by 1.8% during the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock valued at $989,000 after purchasing an additional 6,196 shares in the last quarter. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.