BlackBerry (NYSE:BB) Sees Large Volume Increase

BlackBerry Limited (NYSE:BB) shares saw strong trading volume on Tuesday . 5,022,251 shares traded hands during mid-day trading, a decline of 48% from the previous session’s volume of 9,615,898 shares.The stock last traded at $3.15 and had previously closed at $2.88.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. TD Securities cut their price objective on shares of BlackBerry from $4.00 to $3.75 and set a “hold” rating on the stock in a research report on Thursday, December 21st. StockNews.com cut shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a research report on Thursday, April 4th. Raymond James cut their price objective on shares of BlackBerry from $7.00 to $6.50 and set a “market perform” rating on the stock in a research report on Thursday, December 21st. Finally, CIBC cut their price target on shares of BlackBerry from $4.25 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $4.08.

BlackBerry Stock Performance

The stock’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $3.37. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -12.94 and a beta of 1.41. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25.

BlackBerry (NYSE:BB) last announced its earnings results on Wednesday, April 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The firm had revenue of $173.00 million for the quarter, compared to analyst estimates of $150.47 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The business’s revenue was up 14.6% compared to the same quarter last year. Analysts forecast that BlackBerry Limited will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Philip G. Brace purchased 35,000 shares of BlackBerry stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average price of $2.79 per share, for a total transaction of $97,650.00. Following the transaction, the director now owns 35,000 shares of the company’s stock, valued at approximately $97,650. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackBerry

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its stake in shares of BlackBerry by 70.1% during the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after acquiring an additional 13,925,510 shares during the last quarter. Norges Bank bought a new position in shares of BlackBerry during the fourth quarter valued at $48,775,000. Hawk Ridge Capital Management LP bought a new position in shares of BlackBerry during the third quarter valued at $21,316,000. Legal & General Group Plc raised its stake in shares of BlackBerry by 21.2% during the fourth quarter. Legal & General Group Plc now owns 23,417,371 shares of the company’s stock valued at $83,468,000 after acquiring an additional 4,101,823 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of BlackBerry by 59.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,695,900 shares of the company’s stock valued at $41,164,000 after acquiring an additional 3,245,600 shares during the last quarter. Institutional investors own 54.48% of the company’s stock.

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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.