BlackBerry (NYSE:BB) Trading Up 7.9% – Here’s Why

Shares of BlackBerry Limited (NYSE:BB) traded up 7.9% during mid-day trading on Thursday . The company traded as high as $4.09 and last traded at $4.08. 4,950,038 shares were traded during trading, a decline of 50% from the average session volume of 9,804,120 shares. The stock had previously closed at $3.78.

Analysts Set New Price Targets

A number of analysts have recently commented on BB shares. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.25 to $4.00 in a report on Friday, December 20th. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and boosted their target price for the company from $3.25 to $4.00 in a research note on Friday, December 20th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. CIBC boosted their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird lifted their price target on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.60.

BlackBerry Trading Down 3.7 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. The business’s 50-day moving average price is $2.82 and its 200 day moving average price is $2.54. The company has a market cap of $2.18 billion, a P/E ratio of -14.72 and a beta of 1.43.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. BlackBerry’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. As a group, analysts expect that BlackBerry Limited will post -0.06 earnings per share for the current year.

Institutional Trading of BlackBerry

A number of hedge funds have recently modified their holdings of the stock. EdgePoint Investment Group Inc. boosted its stake in BlackBerry by 15.9% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock valued at $31,238,000 after purchasing an additional 1,637,916 shares during the period. Millennium Management LLC boosted its position in shares of BlackBerry by 5,408.9% in the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after acquiring an additional 3,369,296 shares during the period. Bank of Montreal Can boosted its position in shares of BlackBerry by 32.7% in the second quarter. Bank of Montreal Can now owns 1,733,809 shares of the company’s stock valued at $4,300,000 after acquiring an additional 427,083 shares during the period. TD Asset Management Inc increased its position in BlackBerry by 1.4% during the second quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock worth $3,740,000 after acquiring an additional 21,259 shares during the period. Finally, Intact Investment Management Inc. increased its position in BlackBerry by 25.7% during the third 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 period. Institutional investors and hedge funds 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.