BlackBerry (NYSE:BB) Shares Gap Up on Earnings Beat

BlackBerry Limited (NYSE:BB) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $2.21, but opened at $2.30. BlackBerry shares last traded at $2.46, with a volume of 3,847,470 shares.

The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The business had revenue of $144.00 million during the quarter, compared to the consensus estimate of $132.05 million. During the same quarter last year, the firm posted $0.04 EPS. BlackBerry’s revenue was down 61.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BB. CIBC raised shares of BlackBerry from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Thursday. Canaccord Genuity Group lowered their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday. Canaccord Genuity Group cut their price objective on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday. Finally, TD Securities reduced their target price on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, BlackBerry currently has a consensus rating of “Hold” and a consensus target price of $3.45.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently modified their holdings of the stock. EdgePoint Investment Group Inc. raised its stake in BlackBerry by 25.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after acquiring an additional 2,536,966 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of BlackBerry by 132.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after purchasing an additional 3,458,275 shares during the period. FIFTHDELTA Ltd lifted its stake in shares of BlackBerry by 2.3% during the 1st quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after buying an additional 710,015 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 period. Finally, Headlands Technologies LLC grew its stake in BlackBerry by 1,938.9% in the 1st quarter. Headlands Technologies LLC now owns 334,152 shares of the company’s stock valued at $922,000 after buying an additional 317,763 shares in the last quarter. Hedge funds and other institutional investors own 54.48% of the company’s stock.

BlackBerry Price Performance

The firm has a market cap of $1.45 billion, a P/E ratio of -10.21 and a beta of 1.37. The business’s fifty day simple moving average is $2.76 and its 200-day simple moving average is $2.97. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25.

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.