BlackBerry (NYSE:BB) Rating Lowered to “Sell” at StockNews.com

BlackBerry (NYSE:BB) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

A number of other equities research analysts have also weighed in on the company. CIBC raised their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price target on shares of BlackBerry in a report on Friday, September 27th. Finally, Canaccord Genuity Group raised their price objective on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.23.

BlackBerry Price Performance

Shares of NYSE:BB opened at $2.33 on Wednesday. The company’s fifty day moving average price is $2.42 and its 200 day moving average price is $2.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. BlackBerry has a 12 month low of $2.01 and a 12 month high of $4.44. The firm has a market capitalization of $1.38 billion, a P/E ratio of -9.32 and a beta of 1.42.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, sell-side analysts predict that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On BlackBerry

Large investors have recently modified their holdings of the business. EP Wealth Advisors LLC bought a new position in BlackBerry during the second quarter worth $28,000. Northwestern Mutual Wealth Management Co. raised its position in shares of BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in shares of BlackBerry during the 3rd quarter worth approximately $38,000. Werba Rubin Papier Wealth Management bought a new position in BlackBerry in the second quarter valued at approximately $43,000. Finally, Viewpoint Capital Management LLC bought a new position in shares of BlackBerry in the 2nd quarter valued at $50,000. 54.48% of the stock is currently owned by 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.