BlackBerry (NYSE:BB) Sets New 12-Month High – Here’s What Happened

Shares of BlackBerry Limited (NYSE:BB) hit a new 52-week high during trading on Tuesday . The company traded as high as $6.09 and last traded at $6.12, with a volume of 4462251 shares trading hands. The stock had previously closed at $5.69.

Wall Street Analyst Weigh In

BB has been the subject of several research analyst reports. TD Cowen raised 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 research note on Friday, December 20th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Royal Bank of Canada increased their target price on BlackBerry from $3.25 to $4.00 and gave the company a “sector perform” rating in a research report on Friday, January 10th. Robert W. Baird raised their target price on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $3.69.

BlackBerry Price Performance

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27. The company has a market cap of $3.59 billion, a PE ratio of -27.61 and a beta of 1.31. The firm has a 50 day moving average of $4.13 and a two-hundred day moving average of $3.01.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.01 EPS. Research analysts predict that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

Insider Activity at BlackBerry

In other BlackBerry news, insider Mattias Eriksson sold 14,475 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total transaction of $53,268.00. Following the completion of the sale, the insider now owns 238,838 shares in the company, valued at $878,923.84. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jay P. Chai sold 24,425 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 244,221 shares of company stock worth $925,655. Company insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its holdings in BlackBerry by 60.2% during the third quarter. Barclays PLC now owns 249,218 shares of the company’s stock worth $652,000 after buying an additional 93,651 shares during the period. Milestone Asset Management LLC purchased a new stake in BlackBerry during the fourth quarter worth $557,000. Intact Investment Management Inc. lifted its holdings in BlackBerry by 25.7% during the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after buying an additional 294,250 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of BlackBerry during the third quarter worth $1,285,000. Finally, State Street Corp increased its position in shares of BlackBerry by 1.9% during the third quarter. State Street Corp now owns 1,309,606 shares of the company’s stock worth $3,431,000 after purchasing an additional 24,309 shares in the last quarter. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.