StockNews.com Upgrades BlackBerry (NYSE:BB) to “Hold”

BlackBerry (NYSE:BB) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

BB has been the topic of a number of other research reports. Canaccord Genuity Group boosted their price objective on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a report on Friday, September 27th. Finally, CIBC upped their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Down 1.0 %

NYSE BB opened at $2.42 on Wednesday. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $4.44. The business has a fifty day moving average price of $2.42 and a two-hundred day moving average price of $2.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $1.43 billion, a PE ratio of -9.60 and a beta of 1.42.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The business had revenue of $145.00 million for the quarter, compared to analyst estimates of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. BlackBerry’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) earnings per share. Equities analysts expect that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 33.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackBerry

Several institutional investors have recently added to or reduced their stakes in BB. Capstone Investment Advisors LLC acquired a new stake in BlackBerry in the third quarter worth $1,285,000. BNP Paribas Financial Markets grew its stake in shares of BlackBerry by 7.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 163,531 shares of the company’s stock valued at $428,000 after buying an additional 11,488 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of BlackBerry by 10.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 487,336 shares of the company’s stock valued at $1,284,000 after buying an additional 46,101 shares during the period. Charles Schwab Investment Management Inc. increased its position in BlackBerry by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,212,230 shares of the company’s stock valued at $3,194,000 after buying an additional 11,899 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in BlackBerry by 8.9% during the 3rd quarter. CIBC Asset Management Inc now owns 700,933 shares of the company’s stock worth $1,846,000 after buying an additional 57,123 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.