BlackBerry (NYSE:BB) Upgraded at StockNews.com

StockNews.com upgraded shares of BlackBerry (NYSE:BB) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

Several other brokerages have also issued reports on BB. Canaccord Genuity Group upped their target price on shares of BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a report on Friday, September 27th. Finally, CIBC raised their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Performance

NYSE:BB opened at $2.37 on Wednesday. The stock has a market cap of $1.40 billion, a P/E ratio of -9.46 and a beta of 1.42. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The business’s 50-day moving average price is $2.42 and its two-hundred day moving average price is $2.50. BlackBerry has a twelve month low of $2.01 and a twelve month high of $4.44.

BlackBerry (NYSE:BB) last announced its 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. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. During the same period last year, the firm posted ($0.06) earnings per share. BlackBerry’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities analysts predict that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the 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 completion of the sale, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. This represents a 33.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently modified their holdings of the company. Intact Investment Management Inc. grew its stake in shares of BlackBerry by 25.7% in the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after purchasing an additional 294,250 shares during the last quarter. Vanguard Group Inc. grew its position in shares of BlackBerry by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after buying an additional 149,444 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of BlackBerry by 815.6% during the second quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock valued at $1,361,000 after buying an additional 488,934 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of BlackBerry by 132.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after acquiring an additional 3,458,275 shares in the last quarter. Finally, Virtu Financial LLC lifted its stake in BlackBerry by 911.4% in the second quarter. Virtu Financial LLC now owns 371,166 shares of the company’s stock worth $920,000 after acquiring an additional 334,466 shares during the period. 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.