BlackBerry (NYSE:BB) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

BlackBerry (NYSE:BB) released its earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01, Zacks reports. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business had revenue of $141.70 million for the quarter, compared to analyst estimates of $137.56 million. During the same period last year, the company posted $0.03 EPS. The business’s revenue was down 7.3% on a year-over-year basis.

BlackBerry Stock Performance

Shares of BB stock traded down $0.46 during midday trading on Wednesday, hitting $3.27. The company had a trading volume of 10,163,220 shares, compared to its average volume of 13,366,262. BlackBerry has a 52-week low of $2.01 and a 52-week high of $6.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The company’s 50 day simple moving average is $4.69 and its 200 day simple moving average is $3.50. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -14.87 and a beta of 1.27.

Insider Activity at BlackBerry

In related news, CEO John Joseph Giamatteo sold 29,402 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $117,608.00. Following the transaction, the chief executive officer now owns 490,761 shares of the company’s stock, valued at $1,963,044. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mattias Eriksson sold 14,475 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $53,268.00. Following the completion of the sale, the insider now directly owns 238,838 shares of the company’s stock, valued at approximately $878,923.84. This trade represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,221 shares of company stock worth $925,655 in the last three months. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird lifted their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th. Canaccord Genuity Group upped their target price on shares of BlackBerry from $3.00 to $4.75 and gave the stock a “hold” rating in a research note on Tuesday, March 11th. TD Cowen raised shares of BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $4.00 price objective on shares of BlackBerry in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry has an average rating of “Moderate Buy” and a consensus target price of $3.91.

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.