BlackBerry (NYSE:BB) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of BlackBerry (NYSE:BB) from a hold rating to a sell rating in a report published on Wednesday.

Several other equities analysts have also recently commented on the company. CIBC increased their target price on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a research note on Friday, September 27th. Finally, Canaccord Genuity Group lifted their price target on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.23.

BlackBerry Price Performance

BB stock opened at $2.35 on Wednesday. The firm has a market cap of $1.39 billion, a P/E ratio of -9.40 and a beta of 1.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. BlackBerry has a 1 year low of $2.01 and a 1 year high of $4.44. The stock has a 50-day simple moving average of $2.41 and a 200-day simple moving average of $2.48.

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

Insiders Place Their Bets

In related news, insider Philip S. Kurtz sold 15,005 shares of the company’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 completion of the transaction, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 33.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after acquiring an additional 5,349 shares during the period. Geode Capital Management LLC increased its stake in shares of BlackBerry by 2.9% in the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock valued at $706,000 after purchasing an additional 7,652 shares during the period. International Assets Investment Management LLC raised its holdings in shares of BlackBerry by 60.7% during the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock valued at $540,000 after buying an additional 7,842 shares during the last quarter. Signaturefd LLC boosted its position in shares of BlackBerry by 65.5% during the third quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock worth $60,000 after buying an additional 9,063 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in BlackBerry by 7.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after buying an additional 9,156 shares in the last quarter. Institutional investors and hedge funds own 54.48% of the company’s stock.

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.