BlackBerry (NYSE:BB) Price Target Cut to $4.25 by Analysts at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its price objective cut by Canaccord Genuity Group from $4.75 to $4.25 in a report issued on Thursday morning,Benzinga reports. They currently have a hold rating on the stock.

BB has been the topic of several other research reports. Robert W. Baird lifted their price target on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday, December 20th. TD Cowen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.00 price target on shares of BlackBerry in a research note on Tuesday. StockNews.com downgraded shares of BlackBerry from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry currently has a consensus rating of “Hold” and an average price target of $4.15.

BlackBerry Stock Down 7.2 %

Shares of NYSE:BB opened at $3.15 on Thursday. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $6.24. The firm’s 50 day moving average price is $4.65 and its 200 day moving average price is $3.50. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -14.30 and a beta of 1.30.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $141.70 million for the quarter, compared to analyst estimates of $137.56 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. As a group, equities research analysts predict that BlackBerry will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackBerry

In other news, CEO John Joseph Giamatteo sold 29,402 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.00, for a total transaction of $117,608.00. Following the transaction, the chief executive officer now directly owns 490,761 shares in the company, valued at $1,963,044. This represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jay P. Chai sold 24,425 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $4.19, for a total transaction of $102,340.75. The disclosure for this sale can be found here. In the last three months, insiders sold 71,388 shares of company stock worth $288,882. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BB. Tower Research Capital LLC TRC increased its stake in BlackBerry by 63.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after acquiring an additional 3,811 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of BlackBerry during the 3rd quarter worth about $38,000. Masso Torrence Wealth Management Inc. acquired a new stake in BlackBerry during the 4th quarter worth approximately $38,000. Mindset Wealth Management LLC purchased a new position in BlackBerry in the fourth quarter valued at approximately $38,000. Finally, Quadrant Capital Group LLC lifted its position in BlackBerry by 100.3% during the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after buying an additional 5,008 shares in the last quarter. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.