BlackBerry (NYSE:BB) Price Target Cut to $2.75

BlackBerry (NYSE:BB) had its price objective decreased by equities research analysts at TD Securities from $3.00 to $2.75 in a note issued to investors on Thursday, BayStreet.CA reports. The firm currently has a “hold” rating on the stock. TD Securities’ price objective suggests a potential upside of 8.70% from the stock’s previous close.

BB has been the topic of several other research reports. CIBC raised shares of BlackBerry from a “neutral” rating to a “sector outperform” rating in a research note on Thursday. Canaccord Genuity Group dropped their price objective on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a research note on Thursday. Robert W. Baird dropped their target price on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group dropped their target price on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, BlackBerry currently has a consensus rating of “Hold” and a consensus price target of $3.45.

BlackBerry Trading Up 14.5 %

Shares of NYSE BB traded up $0.32 during midday trading on Thursday, hitting $2.53. 25,702,568 shares of the company traded hands, compared to its average volume of 10,651,891. BlackBerry has a 12-month low of $2.20 and a 12-month high of $5.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a 50-day moving average price of $2.77 and a 200 day moving average price of $2.97. The firm has a market cap of $1.49 billion, a P/E ratio of -10.50 and a beta of 1.37.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The company had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. BlackBerry’s quarterly revenue was down 61.4% on a year-over-year basis. As a group, analysts expect that BlackBerry will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Highlander Capital Management LLC increased its holdings in BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after buying an additional 3,500 shares during the last quarter. Headlands Technologies LLC purchased a new stake in BlackBerry during the fourth quarter valued at approximately $58,000. Oxford Asset Management LLP purchased a new stake in BlackBerry during the fourth quarter valued at approximately $60,000. Private Advisor Group LLC increased its holdings in BlackBerry by 28.4% during the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after buying an additional 5,645 shares during the last quarter. Finally, Breakwater Capital Group purchased a new stake in BlackBerry during the fourth quarter valued at approximately $107,000. 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.