BlackBerry (NYSE:BB) Shares Gap Down – Time to Sell?

BlackBerry Limited (NYSE:BB) 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.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Canaccord Genuity Group upped their target price on shares of BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a research note on Friday, October 18th. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. CIBC lifted 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. Finally, Royal Bank of Canada raised their price objective on shares of BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research note on Tuesday. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, BlackBerry currently has an average rating of “Hold” and an average price target of $3.26.

BlackBerry Stock Performance

The stock has a market cap of $1.90 billion, a P/E ratio of -12.60 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a 50-day simple moving average of $2.49 and a 200-day simple moving average of $2.44.

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

Insider Buying and Selling

In related news, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction dated 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. The trade was a 33.25 % decrease in their ownership of the stock. The transaction 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.

Institutional Investors Weigh In On BlackBerry

Institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of BlackBerry by 83.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares in the last quarter. Geode Capital Management LLC raised its position in BlackBerry by 2.9% in the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock worth $706,000 after acquiring an additional 7,652 shares during the period. International Assets Investment Management LLC grew its holdings in 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 purchasing an additional 7,842 shares during the period. Signaturefd LLC raised its stake in BlackBerry by 65.5% during the 3rd quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock worth $60,000 after acquiring an additional 9,063 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in BlackBerry by 7.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock valued at $327,000 after acquiring an additional 9,156 shares during the period. Hedge funds and other 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.