BlackBerry (NYSE:BB) Share Price Crosses Above 50-Day Moving Average – Here’s Why

BlackBerry Limited (NYSE:BB)’s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $8.45 and traded as high as $8.77. BlackBerry shares last traded at $8.7610, with a volume of 19,187,990 shares.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BB. Royal Bank Of Canada reissued a “sector perform” rating and issued a $9.00 target price on shares of BlackBerry in a report on Monday, September 21st. Wall Street Zen upgraded BlackBerry from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Weiss Ratings raised BlackBerry from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Zacks Research downgraded shares of BlackBerry from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Canaccord Genuity Group lowered their price target on shares of BlackBerry from $10.30 to $9.50 and set a “hold” rating for the company in a research report on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.86.

BlackBerry Price Performance

The business’s 50-day simple moving average is $8.46 and its 200 day simple moving average is $6.96. The company has a market capitalization of $5.12 billion, a P/E ratio of 47.18 and a beta of 2.23. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.25.

BlackBerry (NYSE:BB) last announced its earnings results on Thursday, September 24th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.04 by $0.03. BlackBerry had a return on equity of 13.71% and a net margin of 13.09%. The firm had revenue of $166.56 million for the quarter, compared to analysts’ expectations of $144.22 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm’s quarterly revenue was up 26.0% compared to the same quarter last year. 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, sell-side analysts anticipate that BlackBerry Limited will post 0.17 EPS for the current year.

Insider Buying and Selling

In other news, CFO Tim Foote sold 16,672 shares of BlackBerry stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $9.14, for a total value of $152,382.08. Following the transaction, the chief financial officer directly owned 56,863 shares of the company’s stock, valued at $519,727.82. This trade represents a 22.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Chaikof purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were bought at an average price of $8.18 per share, with a total value of $40,900.00. Following the completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at $40,900. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders sold 384,433 shares of company stock worth $3,481,255. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc acquired a new stake in shares of BlackBerry in the second quarter valued at approximately $480,710,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in BlackBerry during the 2nd quarter worth approximately $69,786,000. Bank of America Corp DE acquired a new position in BlackBerry in the 2nd quarter valued at approximately $64,718,000. Renaissance Technologies LLC increased its stake in shares of BlackBerry by 139.2% in the first quarter. Renaissance Technologies LLC now owns 3,545,543 shares of the company’s stock valued at $11,488,000 after buying an additional 2,063,153 shares during the period. Finally, BlackRock Inc. bought a new stake in BlackBerry during the second quarter valued at $42,002,000. 54.48% of the stock is owned by institutional investors.

BlackBerry Company Profile

BlackBerry Limited (NYSE:BB) is a Canadian software company headquartered in Waterloo, Ontario. Once best known for its BlackBerry smartphones and secure mobile messaging, the company has transitioned away from manufacturing smartphones and now focuses on cybersecurity and Internet of Things (IoT) software.

BlackBerry’s cybersecurity business provides endpoint security, unified endpoint management, secure communications and other tools designed to protect devices, applications and data.