BlackBerry (NYSE:BB) Sets New 12-Month High – What’s Next?

Shares of BlackBerry Limited (NYSE:BB) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $5.49 and last traded at $5.53, with a volume of 3413310 shares changing hands. The stock had previously closed at $5.25.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BB shares. Royal Bank of Canada lifted their price target on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a report on Friday, January 10th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and lifted their target price for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. CIBC increased 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. Canaccord Genuity Group raised their price target on BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday, December 20th. Finally, Robert W. Baird upped their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.69.

BlackBerry Stock Up 5.4 %

The firm has a 50-day simple moving average of $3.77 and a two-hundred day simple moving average of $2.87. The stock has a market cap of $3.27 billion, a P/E ratio of -25.11 and a beta of 1.31. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.01 EPS. Equities research analysts expect that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

Insider Activity at BlackBerry

In other BlackBerry news, CEO John Joseph Giamatteo sold 155,815 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total transaction of $573,399.20. Following the completion of the transaction, the chief executive officer now directly owns 385,552 shares in the company, valued at $1,418,831.36. The trade was a 28.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jay P. Chai sold 24,425 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,221 shares of company stock worth $925,655. Company insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of BlackBerry by 41.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company’s stock worth $51,856,000 after buying an additional 4,039,483 shares during the last quarter. EdgePoint Investment Group Inc. boosted its holdings in shares of BlackBerry by 15.9% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock valued at $31,238,000 after acquiring an additional 1,637,916 shares in the last quarter. Intact Investment Management Inc. raised its position in BlackBerry by 25.7% in the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock valued at $3,789,000 after purchasing an additional 294,250 shares during the last quarter. State Street Corp boosted its stake in shares of BlackBerry by 1.9% during the third quarter. State Street Corp now owns 1,309,606 shares of the company’s stock valued at $3,431,000 after purchasing an additional 24,309 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of BlackBerry by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,212,230 shares of the company’s stock worth $3,194,000 after purchasing an additional 11,899 shares during the last quarter. 54.48% of the stock is currently owned by 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.