Vetr cut shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) from a sell rating to a strong sell rating in a report issued on Wednesday morning. They currently have $10.12 price objective on the stock.
A number of other brokerages have also recently issued reports on BBRY. Canaccord Genuity reissued a hold rating and issued a $10.00 target price on shares of BlackBerry Limited in a report on Monday, October 2nd. TD Securities increased their target price on BlackBerry Limited from $11.50 to $12.00 and gave the stock a buy rating in a report on Monday, October 2nd. Zacks Investment Research raised BlackBerry Limited from a hold rating to a strong-buy rating and set a $13.00 target price for the company in a report on Wednesday, October 4th. Credit Suisse Group reissued an underperform rating and issued a $8.00 target price on shares of BlackBerry Limited in a report on Wednesday, June 21st. Finally, Morgan Stanley dropped their target price on BlackBerry Limited from $10.00 to $7.00 and set an equal weight rating for the company in a report on Wednesday, June 21st. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $9.70.
Shares of BlackBerry Limited (NASDAQ BBRY) traded up 0.79% during midday trading on Wednesday, hitting $11.48. The stock had a trading volume of 2,629,776 shares. BlackBerry Limited has a 12-month low of $6.65 and a 12-month high of $11.74. The firm has a market cap of $6.08 billion, a PE ratio of 11.87 and a beta of 1.00. The firm has a 50-day moving average of $9.73 and a 200 day moving average of $9.62.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last posted its quarterly earnings results on Thursday, September 28th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $238.00 million during the quarter, compared to analysts’ expectations of $221.21 million. BlackBerry Limited had a return on equity of 2.70% and a net margin of 49.62%. The company’s revenue for the quarter was down 32.4% on a year-over-year basis. On average, analysts expect that BlackBerry Limited will post $0.06 earnings per share for the current year.
BlackBerry Limited declared that its board has initiated a stock buyback program on Friday, June 23rd that authorizes the company to repurchase 31,000,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
Several large investors have recently bought and sold shares of the company. Cetera Investment Advisers bought a new position in shares of BlackBerry Limited in the 2nd quarter worth $279,000. Dynamic Technology Lab Private Ltd boosted its position in shares of BlackBerry Limited by 56.4% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 232,703 shares of the company’s stock worth $2,324,000 after purchasing an additional 83,957 shares during the last quarter. Koch Industries Inc. bought a new position in shares of BlackBerry Limited in the 2nd quarter worth $360,000. Scotia Capital Inc. boosted its position in shares of BlackBerry Limited by 6.0% in the 2nd quarter. Scotia Capital Inc. now owns 198,145 shares of the company’s stock worth $1,978,000 after purchasing an additional 11,227 shares during the last quarter. Finally, Bank of Nova Scotia boosted its position in shares of BlackBerry Limited by 3.1% in the 2nd quarter. Bank of Nova Scotia now owns 1,320,717 shares of the company’s stock worth $13,201,000 after purchasing an additional 39,770 shares during the last quarter. Institutional investors and hedge funds own 63.39% of the company’s stock.
About BlackBerry Limited
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.
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