BlackBerry (NYSE:BB) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

BlackBerry (NYSE:BB) had its price objective increased by stock analysts at Royal Bank of Canada from $3.00 to $3.25 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 3.17% from the company’s current price.

BB has been the topic of a number of other reports. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Canaccord Genuity Group upped their price target on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a report on Friday, October 18th. Finally, CIBC boosted their target price on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, BlackBerry has a consensus rating of “Hold” and a consensus price target of $3.26.

BlackBerry Stock Up 1.9 %

Shares of NYSE:BB traded up $0.06 on Tuesday, reaching $3.15. The company had a trading volume of 4,110,668 shares, compared to its average volume of 9,428,005. 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 stock has a market capitalization of $1.86 billion, a P/E ratio of -12.60 and a beta of 1.43. The stock has a 50-day moving average price of $2.49 and a 200 day moving average price of $2.44. BlackBerry has a twelve month low of $2.01 and a twelve month high of $4.36.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) earnings per share. On average, equities analysts expect that BlackBerry will post -0.06 EPS for the current year.

Insider Buying and Selling at BlackBerry

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

Institutional Trading of BlackBerry

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in shares of BlackBerry by 36.2% in the 2nd quarter. SG Americas Securities LLC now owns 130,114 shares of the company’s stock valued at $323,000 after purchasing an additional 34,615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of BlackBerry by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after acquiring an additional 9,156 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of BlackBerry by 39.0% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,315,157 shares of the company’s stock valued at $3,262,000 after purchasing an additional 369,283 shares during the last quarter. Intact Investment Management Inc. increased its position in BlackBerry by 508.1% during the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock worth $2,862,000 after purchasing an additional 956,690 shares in the last quarter. Finally, Viewpoint Capital Management LLC bought a new position in BlackBerry in the 2nd quarter valued at approximately $50,000. Institutional investors own 54.48% of the company’s stock.

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.