BlackBerry (NYSE:BB) Shares Down 7.3% After Insider Selling

Shares of BlackBerry Limited (NYSE:BB) dropped 7.3% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $2.42 and last traded at $2.43. Approximately 8,709,543 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 9,084,528 shares. The stock had previously closed at $2.62.

Specifically, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares in the company, valued at approximately $76,226.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BB. CIBC raised shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price objective on the stock in a report on Thursday, June 27th. Cibc World Mkts raised shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. Canaccord Genuity Group decreased their price objective on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday, June 27th. Raymond James decreased their price objective on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a report on Friday, June 28th. Finally, Canaccord Genuity Group decreased their price objective on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry presently has an average rating of “Hold” and a consensus target price of $3.20.

BlackBerry Stock Down 7.3 %

The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -8.38 and a beta of 1.39. The business’s 50-day moving average is $2.36 and its two-hundred day moving average is $2.59. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. BlackBerry’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the company posted ($0.06) EPS. On average, equities analysts anticipate that BlackBerry Limited will post -0.09 earnings per share for the current year.

Institutional Trading of BlackBerry

Several hedge funds have recently bought and sold shares of BB. EP Wealth Advisors LLC acquired a new stake in shares of BlackBerry in the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of BlackBerry by 83.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after purchasing an additional 5,349 shares during the last quarter. Werba Rubin Papier Wealth Management acquired a new stake in shares of BlackBerry in the second quarter valued at approximately $43,000. Viewpoint Capital Management LLC bought a new position in shares of BlackBerry in the second quarter valued at $50,000. Finally, Marathon Trading Investment Management LLC bought a new position in shares of BlackBerry in the second quarter valued at $169,000. 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.