BlackBerry (NYSE:BB) Hits New 1-Year High – Here’s What Happened

BlackBerry Limited (NYSE:BB)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $4.06 and last traded at $3.96, with a volume of 1704539 shares. The stock had previously closed at $3.96.

Analyst Ratings Changes

Several equities analysts recently weighed in on BB shares. CIBC increased their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Royal Bank of Canada upped their price objective on BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a report on Tuesday, December 17th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and upped their price target for the company from $3.25 to $4.00 in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.60.

BlackBerry Price Performance

The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The company’s fifty day moving average price is $2.61 and its two-hundred day moving average price is $2.47. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -16.12 and a beta of 1.43.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The business had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. During the same period last year, the company earned $0.01 earnings per share. BlackBerry’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities research analysts forecast that BlackBerry Limited will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

Several hedge funds have recently bought and sold shares of BB. EdgePoint Investment Group Inc. boosted its position in BlackBerry by 15.9% during the third quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock worth $31,238,000 after purchasing an additional 1,637,916 shares during the period. Millennium Management LLC raised its holdings in BlackBerry by 5,408.9% in the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after acquiring an additional 3,369,296 shares during the period. Bank of Montreal Can lifted its position in BlackBerry by 32.7% during the second quarter. Bank of Montreal Can now owns 1,733,809 shares of the company’s stock worth $4,300,000 after acquiring an additional 427,083 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of BlackBerry by 1.4% during the second quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock worth $3,740,000 after acquiring an additional 21,259 shares during the period. Finally, Intact Investment Management Inc. grew its position in shares of 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. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.