BlackBerry (NYSE:BB) Shares Gap Down – Here’s Why

BlackBerry Limited (NYSE:BB)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $3.09, but opened at $3.00. BlackBerry shares last traded at $3.12, with a volume of 2,873,912 shares.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BB. CIBC lifted their price target on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Canaccord Genuity Group boosted their target price on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. TD Securities upped their target price on BlackBerry from $2.75 to $3.25 and gave the company a “hold” rating in a report on Wednesday. Royal Bank of Canada lifted their price target on BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.34.

BlackBerry Trading Down 5.9 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -12.04 and a beta of 1.43. The company’s 50 day simple moving average is $2.52 and its two-hundred day simple moving average is $2.45.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. BlackBerry’s revenue for the quarter 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. Research analysts expect that BlackBerry Limited will post -0.06 EPS for the current fiscal year.

Insider Transactions at BlackBerry

In related news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. The trade was a 33.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

Large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. boosted its holdings in BlackBerry by 83.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after acquiring an additional 5,349 shares during the period. Geode Capital Management LLC boosted its stake in BlackBerry by 2.9% during the 3rd 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 grew its holdings in BlackBerry by 60.7% in the 3rd 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 increased its position in BlackBerry by 65.5% in the 3rd 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 lifted its holdings in shares of BlackBerry by 7.5% during the second 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 during the last quarter. Institutional investors own 54.48% of the company’s stock.

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.