BlackBerry (NYSE:BB) Stock Jumps 5.7% – Here’s What Happened

BlackBerry Limited (NYSE:BB) shares shot up 5.7% during mid-day trading on Tuesday. The company traded as high as $9.72 and last traded at $9.5950. Approximately 6,511,315 shares were traded during mid-day trading, a decline of 65% from the average session volume of 18,529,828 shares. The stock had previously closed at $9.08.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BB shares. Stifel Nicolaus began coverage on shares of BlackBerry in a research note on Wednesday, June 24th. They set a “buy” rating and a $12.00 target price on the stock. Zacks Research lowered shares of BlackBerry from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Canadian Imperial Bank of Commerce upped their price objective on BlackBerry from $10.00 to $13.00 and gave the company an “outperformer” rating in a report on Friday, June 26th. Wall Street Zen raised BlackBerry from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, TD lifted their target price on BlackBerry from $5.00 to $8.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.86.

BlackBerry Stock Down 8.4%

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.38 and a quick ratio of 2.38. The company has a market cap of $5.15 billion, a PE ratio of 73.12 and a beta of 2.20. The business’s 50 day moving average is $8.37 and its 200-day moving average is $7.72.

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Thursday, September 24th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The company had revenue of $166.56 million for the quarter, compared to the consensus estimate of $144.22 million. BlackBerry had a net margin of 13.09% and a return on equity of 13.71%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. BlackBerry has set its FY 2027 guidance at 0.190-0.220 EPS and its Q3 2027 guidance at 0.040-0.050 EPS. As a group, analysts predict that BlackBerry Limited will post 0.17 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John Giamatteo sold 29,272 shares of the stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $9.20, for a total value of $269,302.40. Following the transaction, the chief executive officer directly owned 758,416 shares of the company’s stock, valued at $6,977,427.20. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Tim Foote sold 3,269 shares of BlackBerry stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $9.20, for a total value of $30,074.80. Following the sale, the chief financial officer owned 60,969 shares in the company, valued at $560,914.80. This trade represents a 5.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 89,445 shares of company stock valued at $819,941 over the last quarter. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Institutional investors have recently added to or reduced their stakes in the stock. V2 Financial group LLC lifted its holdings in BlackBerry by 6.8% in the 1st quarter. V2 Financial group LLC now owns 32,100 shares of the company’s stock valued at $104,000 after purchasing an additional 2,050 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of BlackBerry during the second quarter worth about $31,000. CoreCap Advisors LLC purchased a new stake in shares of BlackBerry during the second quarter worth about $31,000. Elevation Wealth Partners LLC purchased a new stake in shares of BlackBerry during the second quarter worth about $32,000. Finally, Global Retirement Partners LLC acquired a new position in shares of BlackBerry in the second quarter valued at approximately $50,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

BlackBerry Limited is a Canadian technology company that provides cybersecurity and Internet of Things (IoT) software. Its cybersecurity offerings support endpoint protection, threat detection and response, secure communications, identity management, and unified endpoint management for businesses and government organizations.

Through its QNX business, BlackBerry supplies secure, safety-certified real-time operating systems and embedded software for automotive systems and other connected devices.