BlackBerry (NYSE:BB) Issues Quarterly Earnings Results

BlackBerry (NYSE:BB) issued its quarterly earnings results on Thursday. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03, RTT News reports. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The business had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis.

BlackBerry Stock Performance

BB traded down $0.03 during midday trading on Thursday, hitting $2.98. 20,702,389 shares of the company were exchanged, compared to its average volume of 9,563,922. The company’s 50 day simple moving average is $2.52 and its 200 day simple moving average is $2.45. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -11.92 and a beta of 1.43. BlackBerry has a 1-year low of $2.01 and a 1-year high of $4.27. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

Insider Activity

In other news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the transaction, the insider now directly owns 30,129 shares of the company’s stock, valued at $76,226.37. The trade was a 33.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research note on Tuesday. Canaccord Genuity Group lifted their price objective on shares of BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research note on Friday, October 18th. TD Securities upped their target price on BlackBerry from $2.75 to $3.25 and gave the company a “hold” rating in a research report on Wednesday. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Finally, CIBC boosted their price target on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.34.

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.