BlackBerry Limited (NYSE:BB) Short Interest Up 26.1% in June

BlackBerry Limited (NYSE:BB) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 51,990,000 shares, an increase of 26.1% from the May 31st total of 41,220,000 shares. Based on an average trading volume of 11,140,000 shares, the days-to-cover ratio is currently 4.7 days. Approximately 9.0% of the shares of the company are short sold.

Analysts Set New Price Targets

BB has been the subject of a number of research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Thursday. CIBC upgraded shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price objective for the company in a research report on Thursday. Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research report on Thursday. Robert W. Baird lowered their price target on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, TD Securities dropped their price target on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry currently has an average rating of “Hold” and a consensus target price of $3.20.

Hedge Funds Weigh In On BlackBerry

Institutional investors and hedge funds have recently bought and sold shares of the stock. EdgePoint Investment Group Inc. raised its holdings in shares of BlackBerry by 25.6% during the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after acquiring an additional 2,536,966 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in BlackBerry by 132.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after purchasing an additional 3,458,275 shares during the period. FIFTHDELTA Ltd raised its holdings in BlackBerry by 2.3% in the 1st quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock worth $86,940,000 after purchasing an additional 710,015 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of BlackBerry by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after purchasing an additional 149,444 shares during the period. Finally, Headlands Technologies LLC boosted its stake in shares of BlackBerry by 1,938.9% during the 1st quarter. Headlands Technologies LLC now owns 334,152 shares of the company’s stock valued at $922,000 after purchasing an additional 317,763 shares in the last quarter. 54.48% of the stock is currently owned by institutional investors.

BlackBerry Price Performance

NYSE BB traded up $0.03 on Friday, reaching $2.48. 9,815,661 shares of the company’s stock traded hands, compared to its average volume of 14,376,746. The stock has a market cap of $1.46 billion, a PE ratio of -8.55 and a beta of 1.37. BlackBerry has a 12 month low of $2.20 and a 12 month high of $5.75. The stock has a 50-day simple moving average of $2.76 and a 200 day simple moving average of $2.95. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The company had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. During the same quarter last year, the company earned $0.04 EPS. The firm’s revenue was down 61.4% compared to the same quarter last year. As a group, research analysts predict that BlackBerry will post -0.09 earnings per share for the current year.

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.