Canaccord Genuity Group Trims BlackBerry (NYSE:BB) Target Price to $2.70

BlackBerry (NYSE:BB) had its price target lowered by equities research analysts at Canaccord Genuity Group from $3.25 to $2.70 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 14.89% from the stock’s current price.

A number of other equities research analysts also recently commented on BB. CIBC upgraded BlackBerry from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a research report on Thursday, April 4th. Finally, Robert W. Baird cut their price objective on BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.81.

BlackBerry Stock Performance

Shares of BB stock opened at $2.35 on Thursday. BlackBerry has a 12-month low of $2.20 and a 12-month high of $5.75. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -9.83 and a beta of 1.37. The business has a 50 day simple moving average of $2.77 and a 200 day simple moving average of $2.97. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43.

BlackBerry (NYSE:BB) last issued its quarterly earnings data 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. The business had revenue of $144.00 million during the quarter, compared to analyst estimates of $132.05 million. BlackBerry had a negative return on equity of 0.24% and a negative net margin of 15.24%. The business’s revenue for the quarter was down 61.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 EPS. On average, equities research analysts anticipate that BlackBerry will post -0.09 EPS for the current year.

Institutional Trading of BlackBerry

Several hedge funds and other institutional investors have recently modified their holdings of the company. Highlander Capital Management LLC raised its holdings in BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after buying an additional 3,500 shares in the last quarter. Headlands Technologies LLC bought a new position in BlackBerry during the fourth quarter valued at about $58,000. Oxford Asset Management LLP bought a new position in BlackBerry during the fourth quarter valued at about $60,000. Private Advisor Group LLC raised its holdings in BlackBerry by 28.4% during the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after buying an additional 5,645 shares in the last quarter. Finally, Breakwater Capital Group bought a new position in BlackBerry during the fourth quarter valued at about $107,000. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

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.