Short Interest in BlackBerry Limited (NYSE:BB) Increases By 26.1%

BlackBerry Limited (NYSE:BB) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 51,990,000 shares, a growth of 26.1% from the May 31st total of 41,220,000 shares. Based on an average daily trading volume, of 11,140,000 shares, the days-to-cover ratio is presently 4.7 days. Approximately 9.0% of the shares of the company are short sold.

Institutional Trading of BlackBerry

Several large investors have recently bought and sold shares of the business. EdgePoint Investment Group Inc. grew its holdings 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 buying an additional 2,536,966 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in BlackBerry by 132.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after purchasing an additional 3,458,275 shares during the last quarter. FIFTHDELTA Ltd raised its stake in BlackBerry by 2.3% during the first quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock worth $86,940,000 after purchasing an additional 710,015 shares during the period. 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 valued at $53,835,000 after purchasing an additional 149,444 shares during the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of 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 during the period. Hedge funds and other institutional investors own 54.48% of the company’s stock.

BlackBerry Trading Down 2.2 %

Shares of BlackBerry stock opened at $2.43 on Tuesday. The business has a 50 day simple moving average of $2.75 and a two-hundred day simple moving average of $2.93. BlackBerry has a 12 month low of $2.20 and a 12 month high of $5.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.43 and a quick ratio of 1.43.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative return on equity of 6.43% and a negative net margin of 25.80%. The firm had revenue of $144.00 million during the quarter, compared to the consensus estimate of $132.05 million. During the same period in the prior year, the company earned $0.04 EPS. The firm’s revenue was down 61.4% compared to the same quarter last year. As a group, equities research analysts anticipate that BlackBerry will post -0.09 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Cibc World Mkts raised shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Canaccord Genuity Group dropped their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research report on Thursday, June 27th. Raymond James decreased their price objective on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a research report on Friday. TD Securities dropped their target price on BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a research report on Thursday, June 27th. Finally, Canaccord Genuity Group reduced their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, BlackBerry presently has an average rating of “Hold” and a consensus target price of $3.20.

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.