BlackBerry (NYSE:BB) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of BlackBerry (NYSE:BB) from a buy rating to a hold rating in a report issued on Saturday morning.

A number of other analysts have also recently commented on the company. CIBC reduced their price objective on BlackBerry from $7.00 to $6.00 and set an “outperformer” rating for the company in a research report on Thursday, April 3rd. Royal Bank of Canada set a $3.75 price objective on BlackBerry in a research report on Thursday, April 3rd. Finally, Canaccord Genuity Group reduced their price objective on BlackBerry from $4.75 to $4.25 and set a “hold” rating for the company in a research report on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, BlackBerry has an average rating of “Hold” and a consensus price target of $4.12.

BlackBerry Trading Up 6.7%

Shares of NYSE:BB opened at $4.36 on Friday. The company has a market cap of $2.60 billion, a P/E ratio of -19.80 and a beta of 1.45. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry has a 1 year low of $2.01 and a 1 year high of $6.24. The stock’s fifty day moving average price is $3.70 and its 200-day moving average price is $3.97.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $141.70 million for the quarter, compared to the consensus estimate of $137.56 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The company’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. Sell-side analysts expect that BlackBerry will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other BlackBerry news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $2.99, for a total value of $89,520.60. Following the completion of the sale, the senior vice president now owns 42,398 shares in the company, valued at $126,770.02. This represents a 41.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 37,216 shares of company stock worth $112,025 over the last quarter. 0.37% of the stock is currently owned by corporate insiders.

Institutional Trading of BlackBerry

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its position in BlackBerry by 216.2% in the first quarter. Parallel Advisors LLC now owns 7,156 shares of the company’s stock worth $27,000 after buying an additional 4,893 shares in the last quarter. Tower Research Capital LLC TRC increased its position in BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after buying an additional 3,811 shares in the last quarter. Mindset Wealth Management LLC purchased a new stake in shares of BlackBerry during the fourth quarter worth about $38,000. Quadrant Capital Group LLC grew its position in shares of BlackBerry by 100.3% during the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock worth $38,000 after purchasing an additional 5,008 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of BlackBerry during the first quarter worth about $37,000. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.