BlackBerry (NYSE:BB) Stock Price Down 10.9% – Here’s Why

BlackBerry Limited (NYSE:BB) was down 10.9% on Tuesday . The company traded as low as $4.83 and last traded at $4.78. Approximately 18,222,738 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 24,535,834 shares. The stock had previously closed at $5.36.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BB. Royal Bank of Canada raised their price objective on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research note on Friday, January 10th. Robert W. Baird lifted their target price on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. Canaccord Genuity Group increased their price target on BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research report on Friday, December 20th. TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Finally, TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and increased their price objective for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.69.

BlackBerry Stock Down 8.9 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market cap of $2.91 billion, a P/E ratio of -22.15 and a beta of 1.31. The stock has a 50 day moving average price of $4.41 and a 200 day moving average price of $3.13.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 earnings per share. Research analysts expect that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackBerry

In other BlackBerry news, CEO John Joseph Giamatteo sold 155,815 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $573,399.20. Following the transaction, the chief executive officer now owns 385,552 shares in the company, valued at $1,418,831.36. The trade was a 28.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mattias Eriksson sold 14,475 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $53,268.00. Following the completion of the sale, the insider now directly owns 238,838 shares of the company’s stock, valued at approximately $878,923.84. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,221 shares of company stock valued at $925,655 in the last three months. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of BlackBerry

Several large investors have recently added to or reduced their stakes in BB. Creative Planning raised its stake in shares of BlackBerry by 40.8% in the 3rd quarter. Creative Planning now owns 36,551 shares of the company’s stock valued at $96,000 after acquiring an additional 10,585 shares in the last quarter. Signaturefd LLC lifted its stake in shares of BlackBerry by 65.5% in the third quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock worth $60,000 after buying an additional 9,063 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of BlackBerry by 60.7% in the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock worth $540,000 after buying an additional 7,842 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of BlackBerry by 9.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 412,782 shares of the company’s stock worth $1,040,000 after buying an additional 34,295 shares during the period. Finally, Intact Investment Management Inc. grew its stake in BlackBerry by 25.7% in the 3rd quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock valued at $3,789,000 after buying an additional 294,250 shares during the last quarter. 54.48% of the stock is owned by 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.