BlackBerry (NYSE:BB) Trading 7.9% Higher – Should You Buy?

BlackBerry Limited (NYSE:BB)’s stock price was up 7.9% on Thursday . The stock traded as high as $4.09 and last traded at $4.08. Approximately 4,950,038 shares traded hands during trading, a decline of 50% from the average daily volume of 9,804,120 shares. The stock had previously closed at $3.78.

Analysts Set New Price Targets

A number of brokerages have commented on BB. Robert W. Baird raised their price target on shares of BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research note on Friday, December 20th. CIBC lifted their target price on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, TD Securities upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and upped their target price for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.60.

BlackBerry Stock Performance

The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a fifty day moving average of $2.77 and a 200-day moving average of $2.52. The firm has a market capitalization of $2.32 billion, a P/E ratio of -15.68 and a beta of 1.43.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The firm had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. During the same quarter in the prior year, the company earned $0.01 earnings per share. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, research analysts anticipate that BlackBerry Limited will post -0.06 EPS for the current year.

Institutional Trading of BlackBerry

Several hedge funds have recently added to or reduced their stakes in BB. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in BlackBerry by 7.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after buying an additional 9,156 shares in the last quarter. CIBC Asset Management Inc raised its position in BlackBerry by 3.8% during the second quarter. CIBC Asset Management Inc now owns 643,810 shares of the company’s stock valued at $1,608,000 after purchasing an additional 23,283 shares in the last quarter. TD Asset Management Inc increased its stake in shares of BlackBerry by 1.4% in the 2nd quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock valued at $3,740,000 after purchasing an additional 21,259 shares during the last quarter. Werba Rubin Papier Wealth Management bought a new stake in shares of BlackBerry during the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC grew its position in BlackBerry by 141.4% in the second quarter. Headlands Technologies LLC now owns 806,729 shares of the company’s stock valued at $2,001,000 after acquiring an additional 472,577 shares during the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.

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.