BlackBerry (NYSE:BB) Stock Price Up 13.1% Following Better-Than-Expected Earnings

Shares of BlackBerry Limited (NYSE:BB) rose 13.1% on Friday following a stronger than expected earnings report. The stock traded as high as $3.41 and last traded at $3.37. Approximately 3,255,342 shares traded hands during trading, a decline of 66% from the average daily volume of 9,528,748 shares. The stock had previously closed at $2.98.

The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BB. CIBC boosted their price target on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird boosted their price target on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Friday. TD Cowen upgraded 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 report on Friday. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and upped their target price for the company from $3.25 to $4.00 in a report on Friday. Finally, Canaccord Genuity Group upped their target price on BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.60.

Insider Buying and Selling at BlackBerry

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

A number of institutional investors have recently modified their holdings of BB. EP Wealth Advisors LLC acquired a new position in shares of BlackBerry during the second quarter worth approximately $28,000. Northwestern Mutual Wealth Management Co. raised its position in 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 during the last quarter. Quantinno Capital Management LP purchased a new stake in BlackBerry in the 3rd quarter valued at $38,000. Werba Rubin Papier Wealth Management purchased a new stake in BlackBerry in the 2nd quarter valued at $43,000. Finally, Viewpoint Capital Management LLC purchased a new stake in BlackBerry in the 2nd quarter valued at $50,000. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Price Performance

The firm has a market capitalization of $2.18 billion, a PE ratio of -14.76 and a beta of 1.43. The business has a 50-day moving average of $2.56 and a 200 day moving average of $2.46. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

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.