BlackBerry (NYSE:BB) Trading Up 13.1% Following Earnings Beat

BlackBerry Limited (NYSE:BB) traded up 13.1% on Friday following a better than expected earnings announcement. The stock traded as high as $3.41 and last traded at $3.37. 3,255,342 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 9,528,748 shares. The stock had previously closed at $2.98.

The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. BlackBerry’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.01 EPS.

Analyst Ratings Changes

Several equities analysts have commented on BB shares. Canaccord Genuity Group raised their target price on shares of BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday. Robert W. Baird lifted their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Royal Bank of Canada lifted their price target on BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, CIBC boosted their price target on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $3.54.

Insider Buying and Selling at BlackBerry

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the company’s stock in a transaction dated Saturday, September 28th. The stock was sold at an average price of $2.53, for a total value of $37,962.65. Following the transaction, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 33.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BB. EdgePoint Investment Group Inc. increased its holdings in shares of BlackBerry by 15.9% in the third quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock worth $31,238,000 after buying an additional 1,637,916 shares during the period. Millennium Management LLC grew its holdings in shares of BlackBerry by 5,408.9% in the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares during the last quarter. Bank of Montreal Can increased its stake in shares of BlackBerry by 32.7% in the second quarter. Bank of Montreal Can now owns 1,733,809 shares of the company’s stock worth $4,300,000 after buying an additional 427,083 shares during the period. TD Asset Management Inc boosted its position in BlackBerry by 1.4% during the 2nd quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock valued at $3,740,000 after buying an additional 21,259 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in BlackBerry by 25.7% in the 3rd quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after acquiring an additional 294,250 shares during the last quarter. 54.48% of the stock is currently owned by institutional investors.

BlackBerry Price Performance

The stock has a market cap of $2.06 billion, a PE ratio of -13.92 and a beta of 1.43. The business’s 50-day simple moving average is $2.53 and its 200-day simple moving average is $2.45. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

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.