BlackBerry Ltd (NYSE:BB) Short Interest Down 12.0% in August

BlackBerry Ltd (NYSE:BB) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 24,420,000 shares, a drop of 12.0% from the August 15th total of 27,740,000 shares. Currently, 4.4% of the shares of the stock are sold short. Based on an average trading volume of 3,870,000 shares, the days-to-cover ratio is currently 6.3 days.

Shares of BB traded up $0.13 during mid-day trading on Friday, hitting $4.86. 4,052,758 shares of the company’s stock traded hands, compared to its average volume of 5,217,140. BlackBerry has a 1 year low of $2.70 and a 1 year high of $7.64. The firm has a market capitalization of $2.70 billion, a P/E ratio of -3.52 and a beta of 1.53. The business’s 50-day moving average price is $4.90 and its 200-day moving average price is $4.57.

BlackBerry (NYSE:BB) last posted its earnings results on Wednesday, June 24th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.04. BlackBerry had a positive return on equity of 0.88% and a negative net margin of 75.38%. The firm had revenue of $214.00 million for the quarter, compared to analysts’ expectations of $215.58 million. During the same period in the previous year, the firm earned $0.01 earnings per share. The business’s revenue was down 19.9% compared to the same quarter last year. Equities research analysts forecast that BlackBerry will post -0.07 EPS for the current year.

BB has been the topic of a number of research reports. Bank of America raised their price objective on BlackBerry from $5.00 to $5.50 and gave the company a “neutral” rating in a report on Friday, June 12th. Raymond James set a $7.50 price objective on BlackBerry and gave the company a “market perform” rating in a report on Thursday, June 25th. ValuEngine cut BlackBerry from a “buy” rating to a “hold” rating in a report on Monday, August 3rd. Pi Financial reissued a “neutral” rating on shares of BlackBerry in a report on Monday, June 22nd. Finally, Scotiabank raised their price objective on BlackBerry from $4.50 to $5.00 and gave the company a “sector perform” rating in a report on Thursday, June 25th. Thirteen research analysts have rated the stock with a hold rating, BlackBerry presently has a consensus rating of “Hold” and a consensus target price of $5.86.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Sector Pension Investment Board increased its stake in shares of BlackBerry by 0.6% during the first quarter. Public Sector Pension Investment Board now owns 580,750 shares of the company’s stock valued at $2,354,000 after buying an additional 3,300 shares during the period. 1832 Asset Management L.P. increased its stake in shares of BlackBerry by 141.2% during the first quarter. 1832 Asset Management L.P. now owns 6,415 shares of the company’s stock valued at $26,000 after buying an additional 3,755 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of BlackBerry by 10.7% during the second quarter. Commonwealth Equity Services LLC now owns 41,511 shares of the company’s stock valued at $202,000 after purchasing an additional 4,007 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of BlackBerry by 144.3% during the second quarter. Russell Investments Group Ltd. now owns 6,840 shares of the company’s stock valued at $32,000 after purchasing an additional 4,040 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of BlackBerry by 31.6% during the first quarter. PNC Financial Services Group Inc. now owns 17,561 shares of the company’s stock valued at $71,000 after purchasing an additional 4,216 shares in the last quarter. 46.69% of the stock is currently owned by hedge funds and other institutional investors.

About BlackBerry

BlackBerry Limited provides enterprise software and services worldwide. The company offers BlackBerry Enterprise Mobility Suite, which combines and integrates mobile security, management, productivity, and collaboration solutions, such as BlackBerry UEM, BlackBerry Dynamics, and BlackBerry Workspaces; BlackBerry AtHoc, a networked crisis communications solution; SecuSUITE for Government, a voice encryption software solution; BlackBerry Enterprise Consulting and BlackBerry Cybersecurity Consulting services; and BBM Enterprise, an enterprise-grade instant messaging solution, as well as BlackBerry Spark Communication services.

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