BlackBerry (NYSE:BB) Trading Down 10.9% – What’s Next?

BlackBerry Limited (NYSE:BB) fell 10.9% on Tuesday . The stock traded as low as $4.83 and last traded at $4.78. 18,222,738 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 24,535,834 shares. The stock had previously closed at $5.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BB shares. TD Cowen raised shares of BlackBerry from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.25 to $4.00 in a research note on Friday, December 20th. Canaccord Genuity Group increased their price target on shares of BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a research report on Friday, December 20th. Robert W. Baird lifted their price objective on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday, December 20th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.69.

BlackBerry Price Performance

The company has a 50 day moving average of $4.41 and a 200 day moving average of $3.13. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -22.15 and a beta of 1.31. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. During the same period in the prior year, the firm posted $0.01 EPS. The company’s revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts forecast that BlackBerry Limited will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO John Joseph Giamatteo sold 155,815 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $573,399.20. Following the transaction, the chief executive officer now owns 385,552 shares in the company, valued at approximately $1,418,831.36. This trade represents a 28.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mattias Eriksson sold 12,680 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $50,720.00. Following the completion of the sale, the insider now directly owns 278,306 shares of the company’s stock, valued at $1,113,224. The trade was a 4.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 244,221 shares of company stock valued at $925,655. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its position in BlackBerry by 63.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after buying an additional 3,811 shares during the last quarter. Masso Torrence Wealth Management Inc. acquired a new position in BlackBerry during the 4th quarter worth $38,000. Mindset Wealth Management LLC bought a new stake in shares of BlackBerry in the 4th quarter worth about $38,000. Quadrant Capital Group LLC raised its stake in shares of BlackBerry by 100.3% in the 4th quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after purchasing an additional 5,008 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of BlackBerry during the fourth quarter worth about $40,000. 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.