BlackBerry (NYSE:BB) Trading Up 7.9% – Should You Buy?

BlackBerry Limited (NYSE:BB)’s share price rose 7.9% on Thursday . The company traded as high as $4.09 and last traded at $4.08. Approximately 4,950,038 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 9,804,120 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

BB has been the subject of a number of recent research reports. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. CIBC upped their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.25 to $4.00 in a research note on Friday, December 20th. Canaccord Genuity Group lifted their price objective on shares of BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday, December 20th. Finally, Royal Bank of Canada boosted their price objective on BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research report on Tuesday, December 17th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BlackBerry currently has an average rating of “Moderate Buy” and an average price target of $3.60.

BlackBerry Stock Performance

The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -14.72 and a beta of 1.43. The firm has a 50-day simple moving average of $2.82 and a two-hundred day simple moving average of $2.54. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm had revenue of $143.00 million during the quarter, compared to analyst estimates of $144.84 million. During the same quarter in the previous year, the business earned $0.01 EPS. The business’s revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that BlackBerry Limited will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BlackBerry

A number of large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in BlackBerry by 7.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after buying an additional 9,156 shares during the last quarter. CIBC Asset Management Inc increased its stake in BlackBerry by 3.8% during the 2nd quarter. CIBC Asset Management Inc now owns 643,810 shares of the company’s stock worth $1,608,000 after purchasing an additional 23,283 shares in the last quarter. TD Asset Management Inc increased its stake in BlackBerry by 1.4% during the 2nd quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock worth $3,740,000 after purchasing an additional 21,259 shares in the last quarter. Werba Rubin Papier Wealth Management acquired a new stake in BlackBerry during the 2nd quarter worth approximately $43,000. Finally, Headlands Technologies LLC lifted its stake in BlackBerry by 141.4% in the second quarter. Headlands Technologies LLC now owns 806,729 shares of the company’s stock valued at $2,001,000 after buying an additional 472,577 shares in the last quarter. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.