BlackBerry (NYSE:BB) Shares Gap Up Following Analyst Upgrade

Shares of BlackBerry Limited (NYSE:BB) gapped up before the market opened on Thursday after TD Securities raised their price target on the stock from $8.50 to $9.00. The stock had previously closed at $9.56, but opened at $10.40. TD Securities currently has a reduce rating on the stock. BlackBerry shares last traded at $10.57, with a volume of 363,727 shares.

BB has been the subject of several other reports. Zacks Investment Research raised shares of BlackBerry from a “sell” rating to a “hold” rating and set a $15.00 price objective for the company in a research report on Wednesday, June 2nd. Raymond James restated a “market perform” rating and issued a $9.50 price target on shares of BlackBerry in a report on Thursday. CIBC lowered shares of BlackBerry from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $9.00 to $11.00 in a report on Friday, June 25th. Canaccord Genuity upgraded shares of BlackBerry from a “sell” rating to a “hold” rating and set a $10.00 price target for the company in a report on Wednesday, August 18th. Finally, Royal Bank of Canada restated a “sell” rating and issued a $9.50 price target on shares of BlackBerry in a report on Friday, September 17th. Four equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, BlackBerry currently has a consensus rating of “Sell” and an average price target of $10.67.

In related news, COO Thomas Eacobacci sold 109,994 shares of the business’s stock in a transaction that occurred on Friday, July 23rd. The shares were sold at an average price of $10.06, for a total transaction of $1,106,539.64. Following the completion of the transaction, the chief operating officer now owns 281,294 shares in the company, valued at approximately $2,829,817.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in BB. Allianz Asset Management GmbH purchased a new stake in BlackBerry during the 1st quarter worth approximately $230,235,000. Legal & General Group Plc boosted its holdings in shares of BlackBerry by 82.7% in the 2nd quarter. Legal & General Group Plc now owns 2,596,337 shares of the company’s stock valued at $31,767,000 after acquiring an additional 1,175,483 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of BlackBerry in the 2nd quarter valued at $13,901,000. Islet Management LP purchased a new stake in shares of BlackBerry in the 1st quarter valued at $9,273,000. Finally, Voloridge Investment Management LLC boosted its holdings in shares of BlackBerry by 662.3% in the 1st quarter. Voloridge Investment Management LLC now owns 1,216,462 shares of the company’s stock valued at $10,255,000 after acquiring an additional 1,056,882 shares during the last quarter. 36.16% of the stock is currently owned by institutional investors.

The stock’s fifty day moving average is $10.36 and its 200-day moving average is $10.48. The stock has a market capitalization of $6.01 billion, a PE ratio of -11.28 and a beta of 1.23. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.37 and a quick ratio of 2.37.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Tuesday, September 21st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.01. BlackBerry had a negative net margin of 61.56% and a positive return on equity of 1.02%. The firm had revenue of $175.00 million for the quarter, compared to the consensus estimate of $164.28 million. During the same period in the prior year, the firm posted $0.10 earnings per share. The firm’s quarterly revenue was down 32.4% compared to the same quarter last year.

BlackBerry Company Profile (NYSE:BB)

BlackBerry Ltd. engages in providing the intelligent security software and services to enterprises and governments. The firm leverages artificial intelligence and machine learning to deliver solutions in the areas of cyber security, safety, data privacy solutions, and also focuses in the areas of endpoint security, endpoint management, encryption, and embedded systems.

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