Canaccord Genuity Group Lowers BlackBerry (NYSE:BB) Price Target to $2.70

BlackBerry (NYSE:BB) had its price objective lowered by Canaccord Genuity Group from $3.25 to $2.70 in a research note released on Thursday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada restated a sector perform rating and issued a $3.00 price objective on shares of BlackBerry in a report on Thursday, April 4th. CIBC raised BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price target on the stock in a research note on Thursday. Finally, Robert W. Baird decreased their price objective on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $3.20.

BlackBerry Stock Up 1.2 %

NYSE:BB opened at $2.48 on Thursday. The stock’s fifty day moving average price is $2.76 and its two-hundred day moving average price is $2.94. 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 has a 52-week low of $2.20 and a 52-week high of $5.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43.

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

Hedge Funds Weigh In On BlackBerry

Institutional investors have recently modified their holdings of the business. Highlander Capital Management LLC boosted its holdings in shares of BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after buying an additional 3,500 shares during the last quarter. Duality Advisers LP raised its holdings in shares of BlackBerry by 4.1% in the 4th quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock valued at $344,000 after purchasing an additional 3,837 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in BlackBerry by 6.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock valued at $232,000 after purchasing an additional 3,958 shares during the last quarter. Private Advisor Group LLC lifted its stake in BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after purchasing an additional 5,645 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its position in BlackBerry by 1.8% during the first quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after buying an additional 6,196 shares during the last quarter. 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.