BlackBerry (NYSE:BB) Shares Up 4.7% – Still a Buy?

BlackBerry Limited (NYSE:BB)’s stock price shot up 4.7% during mid-day trading on Wednesday . The stock traded as high as $2.45 and last traded at $2.45. 3,072,983 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 9,046,541 shares. The stock had previously closed at $2.34.

Analysts Set New Price Targets

Several brokerages recently commented on BB. TD Securities dropped their target price on BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a report on Thursday, June 27th. Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price target on shares of BlackBerry in a report on Friday, September 27th. Raymond James lowered their price objective on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research note on Friday, June 28th. Finally, CIBC raised shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price for the company in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, BlackBerry presently has a consensus rating of “Hold” and a consensus price target of $3.20.

BlackBerry Stock Up 3.0 %

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -8.38 and a beta of 1.40. The business has a fifty day moving average of $2.35 and a 200 day moving average of $2.58. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick 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, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $145.00 million during 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 business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. On average, equities analysts predict that BlackBerry Limited will post -0.06 earnings per share for the current year.

Insider Buying and Selling at BlackBerry

In related news, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the transaction, the insider now owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently made changes to their positions in the business. EP Wealth Advisors LLC acquired a new stake in shares of BlackBerry during the 2nd quarter valued at about $28,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of BlackBerry by 83.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after acquiring an additional 5,349 shares in the last quarter. Werba Rubin Papier Wealth Management acquired a new position in BlackBerry in the second quarter valued at about $43,000. Viewpoint Capital Management LLC acquired a new position in BlackBerry in the second quarter valued at about $50,000. Finally, Marathon Trading Investment Management LLC acquired a new position in BlackBerry in the second quarter valued at about $169,000. 54.48% of the stock is 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.