BlackBerry Limited (NYSE:BB – Get Free Report)’s share price gapped down before the market opened on Thursday after Robert W. Baird lowered their price target on the stock from $6.00 to $5.50. The stock had previously closed at $5.54, but opened at $4.84. BlackBerry shares last traded at $4.76, with a volume of 2,208,744 shares.
A number of other research firms have also weighed in on BB. TD Securities lifted their price objective on BlackBerry from $4.00 to $5.00 and gave the company a “hold” rating in a research note on Friday, June 30th. 3M reissued a “maintains” rating on shares of BlackBerry in a report on Thursday, May 18th. StockNews.com initiated coverage on shares of BlackBerry in a research note on Wednesday, August 23rd. They set a “hold” rating on the stock. Royal Bank of Canada decreased their target price on shares of BlackBerry from $5.00 to $4.50 in a research note on Thursday, June 29th. Finally, Canaccord Genuity Group lowered their price target on shares of BlackBerry from $5.37 to $5.00 and set a “hold” rating on the stock in a report on Thursday, August 24th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.50.
Get Our Latest Research Report on BB
Insider Activity
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. acquired a new stake in BlackBerry in the 1st quarter valued at about $96,000. JPMorgan Chase & Co. grew its position in shares of BlackBerry by 20.9% in the first quarter. JPMorgan Chase & Co. now owns 2,012,638 shares of the company’s stock valued at $15,014,000 after purchasing an additional 348,263 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of BlackBerry by 31.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,771 shares of the company’s stock valued at $259,000 after purchasing an additional 8,343 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of BlackBerry by 62.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 12,876 shares of the company’s stock valued at $95,000 after purchasing an additional 4,974 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in BlackBerry by 26.1% during the first quarter. Citigroup Inc. now owns 549,820 shares of the company’s stock worth $4,080,000 after buying an additional 113,962 shares during the last quarter. 42.66% of the stock is owned by institutional investors and hedge funds.
BlackBerry Trading Down 15.6 %
The company has a fifty day simple moving average of $4.85 and a 200-day simple moving average of $4.81. The company has a market capitalization of $2.73 billion, a PE ratio of -4.45 and a beta of 1.51.
BlackBerry (NYSE:BB – Get Free Report) last announced its quarterly earnings data on Wednesday, June 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.10. BlackBerry had a negative net margin of 65.50% and a negative return on equity of 6.39%. The firm had revenue of $373.00 million during the quarter, compared to analyst estimates of $159.36 million.
About BlackBerry
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.
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