BlackBerry (NYSE:BB) Stock Price Expected to Rise, TD Securities Analyst Says

BlackBerry (NYSE:BB) had its target price raised by TD Securities from $2.75 to $3.25 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a hold rating on the stock.

Several other brokerages have also commented on BB. Canaccord Genuity Group lifted their target price on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. CIBC lifted their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Finally, Royal Bank of Canada boosted their price objective on shares of BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, BlackBerry presently has a consensus rating of “Hold” and an average price target of $3.34.

BlackBerry Stock Performance

BlackBerry stock opened at $3.01 on Wednesday. BlackBerry has a 52 week low of $2.01 and a 52 week high of $4.31. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.78 billion, a P/E ratio of -12.04 and a beta of 1.43. The stock has a 50 day moving average of $2.51 and a 200-day moving average of $2.44.

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The company had revenue of $145.00 million during the quarter, compared to analyst estimates of $138.82 million. During the same period last year, the business earned ($0.06) EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, analysts expect that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the transaction, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Several hedge funds have recently modified their holdings of BB. SG Americas Securities LLC grew its stake in shares of BlackBerry by 36.2% in the 2nd quarter. SG Americas Securities LLC now owns 130,114 shares of the company’s stock worth $323,000 after purchasing an additional 34,615 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in BlackBerry by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after buying an additional 9,156 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of BlackBerry by 39.0% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,315,157 shares of the company’s stock valued at $3,262,000 after buying an additional 369,283 shares in the last quarter. Intact Investment Management Inc. lifted its position in shares of BlackBerry by 508.1% during the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock valued at $2,862,000 after acquiring an additional 956,690 shares during the last quarter. Finally, Viewpoint Capital Management LLC bought a new stake in shares of BlackBerry during the 2nd quarter worth $50,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.