BlackBerry (NYSE:BB) Stock Rating Reaffirmed by Royal Bank of Canada

BlackBerry (NYSE:BB)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a note issued to investors on Friday, Benzinga reports. They currently have a $3.00 price objective on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 19.05% from the company’s current price.

BB has been the subject of a number of other reports. Canaccord Genuity Group decreased their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. TD Securities decreased their price target on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a report on Thursday, June 27th. Robert W. Baird dropped their price objective on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Canaccord Genuity Group reduced their target price on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday, June 27th. Finally, Cibc World Mkts upgraded shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, BlackBerry presently has an average rating of “Hold” and an average target price of $3.20.

BlackBerry Price Performance

Shares of NYSE BB opened at $2.52 on Friday. The stock has a 50 day moving average of $2.35 and a two-hundred day moving average of $2.60. The stock has a market cap of $1.49 billion, a P/E ratio of -8.69 and a beta of 1.39. BlackBerry has a twelve month low of $2.01 and a twelve month high of $4.90. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

BlackBerry (NYSE:BB) last issued its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. The company had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. During the same period last year, the firm posted ($0.06) EPS. BlackBerry’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, research analysts forecast that BlackBerry will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On BlackBerry

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EP Wealth Advisors LLC acquired a new stake in shares of BlackBerry in the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. lifted its stake in BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares in the last quarter. Werba Rubin Papier Wealth Management purchased a new stake in BlackBerry in the 2nd quarter valued at approximately $43,000. Viewpoint Capital Management LLC acquired a new stake in BlackBerry during the 2nd quarter valued at $50,000. Finally, Marathon Trading Investment Management LLC purchased a new position in BlackBerry during the second quarter worth $169,000. 54.48% of the stock is owned by institutional investors and hedge funds.

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.