BlackBerry (NYSE:BB) Price Target Cut to $3.00

BlackBerry (NYSE:BB) had its price objective lowered by equities researchers at Robert W. Baird from $3.50 to $3.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 20.24% from the stock’s current price.

Separately, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a report on Thursday, April 4th. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.20.

BlackBerry Stock Up 1.8 %

BB stock opened at $2.50 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75. The company has a fifty day simple moving average of $2.76 and a 200 day simple moving average of $2.96. The firm has a market cap of $1.47 billion, a PE ratio of -8.60 and a beta of 1.37.

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

Institutional Trading of BlackBerry

Institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of BlackBerry during the 4th quarter valued at about $48,775,000. Vanguard Group Inc. boosted its position in BlackBerry by 2.9% in the third quarter. Vanguard Group Inc. now owns 19,224,723 shares of the company’s stock valued at $90,548,000 after buying an additional 534,772 shares in the last quarter. BNP Paribas Financial Markets boosted its position in BlackBerry by 33.1% in the fourth quarter. BNP Paribas Financial Markets now owns 140,079 shares of the company’s stock valued at $496,000 after buying an additional 34,818 shares in the last quarter. International Assets Investment Management LLC boosted its position in BlackBerry by 179.2% in the fourth quarter. International Assets Investment Management LLC now owns 73,374 shares of the company’s stock valued at $260,000 after buying an additional 47,097 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in BlackBerry in the fourth quarter valued at about $362,000. 54.48% of the stock is currently 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.