BlackBerry (NYSE:BB) Shares Down 7.3% Following Insider Selling

Shares of BlackBerry Limited (NYSE:BB) dropped 7.3% during trading on Tuesday following insider selling activity. The company traded as low as $2.42 and last traded at $2.43. Approximately 8,709,543 shares were traded during trading, a decline of 4% from the average daily volume of 9,084,528 shares. The stock had previously closed at $2.62.

Specifically, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the sale, the insider now directly owns 30,129 shares of the company’s stock, valued at $76,226.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BB. Canaccord Genuity Group lowered their target price on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday, June 27th. TD Securities cut their target price on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research report on Thursday, June 27th. Raymond James cut their price objective on BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a report on Friday, June 28th. Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Finally, Canaccord Genuity Group cut their target price on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.20.

BlackBerry Trading Down 7.3 %

The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -8.38 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43. The company’s 50-day moving average is $2.36 and its 200-day moving average is $2.59.

BlackBerry (NYSE:BB) last announced 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 net margin of 25.80% and a negative return on equity of 6.43%. BlackBerry’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) earnings per share. On average, research analysts predict that BlackBerry Limited will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP boosted its holdings in shares of BlackBerry by 70.1% in the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after buying an additional 13,925,510 shares during the period. FIFTHDELTA Ltd raised its stake in shares of 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 purchasing an additional 710,015 shares during the period. Vanguard Group Inc. boosted its position 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 worth $53,835,000 after buying an additional 149,444 shares during the period. EdgePoint Investment Group Inc. grew its holdings in shares of BlackBerry by 25.6% during the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after buying an additional 2,536,966 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in BlackBerry by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock valued at $27,920,000 after acquiring an additional 886,523 shares in the last quarter. 54.48% of the stock is owned by institutional investors.

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.