BlackBerry (NYSE:BB) Price Target Cut to $3.00 by Analysts at Robert W. Baird

BlackBerry (NYSE:BB) had its target price lowered by Robert W. Baird from $3.50 to $3.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Royal Bank of Canada reissued a sector perform rating and set a $3.00 target price on shares of BlackBerry in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackBerry currently has an average rating of Hold and an average target price of $3.45.

BlackBerry Stock Performance

Shares of BlackBerry stock opened at $2.45 on Thursday. The company has a 50 day moving average of $2.76 and a 200-day moving average of $2.97. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a 1-year low of $2.20 and a 1-year high of $5.75.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. BlackBerry had a negative return on equity of 6.30% and a negative net margin of 25.80%. The firm had revenue of $144.00 million for the quarter, compared to the consensus estimate of $132.05 million. During the same quarter last year, the business posted $0.04 EPS. The company’s revenue was down 61.4% compared to the same quarter last year. Research analysts expect that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of BlackBerry

A number of hedge funds have recently made changes to their positions in the company. EdgePoint Investment Group Inc. increased its stake in shares of BlackBerry by 25.6% in the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after buying an additional 2,536,966 shares during the period. CANADA LIFE ASSURANCE Co increased its position in BlackBerry by 132.4% in the 1st 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 during the period. FIFTHDELTA Ltd increased its position in BlackBerry by 2.3% in the 1st quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after acquiring an additional 710,015 shares during the period. Vanguard Group Inc. raised its stake in shares of BlackBerry by 0.8% during the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after acquiring an additional 149,444 shares during the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of BlackBerry by 1,938.9% during the first quarter. Headlands Technologies LLC now owns 334,152 shares of the company’s stock worth $922,000 after purchasing an additional 317,763 shares during the period. 54.48% of the stock is owned by institutional investors and hedge funds.

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.