BlackBerry Limited (NYSE:BB) Given Average Rating of “Hold” by Analysts

Posted by Defense World Staff on Aug 1st, 2023

BlackBerry Limited (NYSE:BB – Get Free Report) has been assigned a consensus recommendation of “Hold” from the five brokerages that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation. The average twelve-month target price among analysts that have covered the stock in the last year is $5.58.

BB has been the subject of a number of recent analyst reports. 3M reissued a “maintains” rating on shares of BlackBerry in a research report on Thursday, May 18th. TD Securities increased their price objective on shares of BlackBerry from $4.00 to $5.00 and gave the stock a “hold” rating in a research report on Friday, June 30th. Royal Bank of Canada dropped their target price on shares of BlackBerry from $5.00 to $4.50 in a report on Thursday, June 29th. CIBC upgraded BlackBerry from a “sector underperform” rating to a “neutral” rating and increased their price target for the stock from $4.20 to $6.50 in a report on Thursday, May 18th. Finally, StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th.

Insider Activity at BlackBerry

In related news, insider Mattias Eriksson sold 11,126 shares of BlackBerry stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $5.56, for a total transaction of $61,860.56. Following the completion of the transaction, the insider now directly owns 64,721 shares of the company’s stock, valued at approximately $359,848.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BB. Exchange Traded Concepts LLC bought a new position in shares of BlackBerry during the fourth quarter worth $25,000. Tower Research Capital LLC TRC boosted its position in shares of BlackBerry by 470.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 9,019 shares of the company’s stock valued at $43,000 after acquiring an additional 7,437 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new stake in BlackBerry in the fourth quarter worth $31,000. Atria Wealth Solutions Inc. purchased a new stake in shares of BlackBerry during the 1st quarter valued at about $76,000. Finally, Virtu Financial LLC purchased a new position in BlackBerry in the fourth quarter worth about $36,000. Institutional investors own 38.62% of the company’s stock.

BlackBerry Stock Up 7.3 %

BB opened at $5.10 on Tuesday. BlackBerry has a twelve month low of $3.17 and a twelve month high of $7.20. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -4.85 and a beta of 1.55. The company has a 50-day simple moving average of $5.00 and a 200 day simple moving average of $4.59.

BlackBerry (NYSE:BB – Get Free Report) last issued its quarterly earnings results on Wednesday, June 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.10. BlackBerry had a negative return on equity of 6.39% and a negative net margin of 65.50%. The company had revenue of $373.00 million for the quarter, compared to analyst estimates of $159.36 million.

About BlackBerry

(Get Free Report

BlackBerry Ltd. engages in providing intelligent security software and services to enterprises and governments. The firm leverages artificial intelligence and machine learning to deliver solutions in the areas of cyber security, safety, and data privacy solutions, and also focuses on the areas of endpoint security, endpoint management, encryption, and embedded systems.