BlackBerry (NYSE:BB) Price Target Cut to $2.70

BlackBerry (NYSE:BB) had its price objective reduced by Canaccord Genuity Group from $3.25 to $2.70 in a research note published on Thursday, BayStreet.CA reports. They currently have a hold rating on the stock.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada reissued a sector perform rating and issued a $3.00 price target on shares of BlackBerry in a report on Thursday. CIBC raised shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price objective for the company in a report on Thursday. Canaccord Genuity Group dropped their price objective on shares of BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a report on Thursday. Finally, Robert W. Baird dropped their price objective on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, BlackBerry currently has a consensus rating of Hold and an average target price of $3.20.

BlackBerry Stock Up 1.2 %

Shares of NYSE:BB opened at $2.48 on Thursday. The firm has a fifty day moving average price of $2.76 and a two-hundred day moving average price of $2.94. 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 has a one year low of $2.20 and a one year high of $5.75. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -8.55 and a beta of 1.37.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $144.00 million during the quarter, compared to the consensus estimate of $132.05 million. During the same period last year, the firm earned $0.04 EPS. The business’s quarterly revenue was down 61.4% compared to the same quarter last year. Analysts anticipate that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Trading of BlackBerry

Hedge funds have recently added to or reduced their stakes in the business. Highlander Capital Management LLC increased its position in shares of BlackBerry by 77.8% in the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after acquiring an additional 3,500 shares during the period. Headlands Technologies LLC purchased a new position in shares of BlackBerry in the fourth quarter valued at about $58,000. Oxford Asset Management LLP purchased a new position in shares of BlackBerry in the fourth quarter valued at about $60,000. Private Advisor Group LLC increased its position in shares of BlackBerry by 28.4% during the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after buying an additional 5,645 shares during the period. Finally, Breakwater Capital Group purchased a new position in shares of BlackBerry during the fourth quarter valued at about $107,000. 54.48% of the stock is owned by institutional investors.

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.