BlackBerry (NYSE:BB) Rating Reiterated by Royal Bank of Canada

BlackBerry (NYSE:BB)‘s stock had its “sector perform” rating reissued by equities researchers at Royal Bank of Canada in a note issued to investors on Thursday, Benzinga reports. They presently have a $3.00 price target on the stock. Royal Bank of Canada’s target price points to a potential upside of 18.58% from the company’s current price.

Several other equities analysts have also recently commented on the company. CIBC upgraded BlackBerry from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. Robert W. Baird cut their price objective on BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Canaccord Genuity Group cut their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $3.81.

BlackBerry Stock Performance

Shares of NYSE:BB traded up $0.32 during midday trading on Thursday, reaching $2.53. 9,121,454 shares of the company traded hands, compared to its average volume of 10,517,085. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a 12 month low of $2.20 and a 12 month high of $5.75. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -10.54 and a beta of 1.37. The firm’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $2.97.

BlackBerry (NYSE:BB) last posted its earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative return on equity of 0.24% and a negative net margin of 15.24%. The business had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. During the same period in the previous year, the business earned $0.04 earnings per share. The firm’s revenue was down 61.4% on a year-over-year basis. On average, equities analysts expect that BlackBerry will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On BlackBerry

Several institutional investors have recently bought and sold shares of BB. Highlander Capital Management LLC raised its position in BlackBerry by 77.8% during the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after purchasing an additional 3,500 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of BlackBerry in the 4th quarter worth approximately $58,000. Oxford Asset Management LLP bought a new position in shares of BlackBerry in the 4th quarter worth approximately $60,000. Private Advisor Group LLC raised its position in shares of BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after acquiring an additional 5,645 shares in the last quarter. Finally, Breakwater Capital Group bought a new position in shares of BlackBerry in the 4th quarter worth approximately $107,000. 54.48% of the stock is currently owned by hedge funds and other 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.