BlackBerry’s (BB) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of BlackBerry (NYSE:BB) in a research note released on Thursday morning, Benzinga reports. They currently have a $3.00 target price on the stock.

BB has been the subject of several other research reports. CIBC upgraded BlackBerry from a neutral rating to a sector outperform rating in a research report on Thursday. Robert W. Baird cut their price objective on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a report on Thursday. Finally, Canaccord Genuity Group lowered their target price on shares of BlackBerry from $3.25 to $2.70 and set a hold rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, BlackBerry presently has a consensus rating of Hold and an average price target of $3.45.

BlackBerry Trading Up 10.9 %

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

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The business’s revenue was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS. As a group, sell-side analysts expect that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BB. Highlander Capital Management LLC grew its stake in shares of BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after purchasing an additional 3,500 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of BlackBerry in the 4th quarter valued at $58,000. Oxford Asset Management LLP acquired a new position in shares of BlackBerry during the fourth quarter valued at $60,000. Private Advisor Group LLC boosted its holdings in BlackBerry by 28.4% in the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after acquiring an additional 5,645 shares during the last quarter. Finally, Breakwater Capital Group acquired a new stake in BlackBerry in the fourth quarter worth about $107,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

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.