Canaccord Genuity Reiterates “Hold” Rating for BlackBerry (BBRY)
BlackBerry (NASDAQ:BBRY)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Monday, Analyst Ratings Network.com reports. They currently have a $6.00 price objective on the stock, down from their previous price objective of $7.00. Canaccord Genuity’s target price would suggest a potential downside of 22.78% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Macquarie reiterated a “hold” rating on shares of BlackBerry in a research note to investors on Friday. They now have a $7.00 price target on the stock. Separately, analysts at FBR Capital Markets cut their price target on shares of BlackBerry from $8.00 to $6.50 in a research note to investors on Friday. They now have an “underperform” rating on the stock. Finally, analysts at FBR Capital Markets reiterated an “underperform” rating on shares of BlackBerry in a research note to investors on Wednesday, October 9th. Thirteen research analysts have rated the stock with a sell rating, twenty-five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $9.18.
Shares of BlackBerry (NASDAQ:BBRY) traded down 14.03% during mid-day trading on Monday, hitting $6.6799. The stock had a trading volume of 77,730,952 shares. BlackBerry has a 52-week low of $7.37 and a 52-week high of $18.32. The stock’s 50-day moving average is $8.44 and its 200-day moving average is $11.22. The company’s market cap is $3.438 billion. BlackBerry also saw some unusual options trading activity on Friday. Investors purchased 89,414 call options on the stock. This is an increase of 188% compared to the typical volume of 31,064 call options.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results on Friday, September 27th. The company reported ($0.47) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.15) by $0.32. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company’s quarterly revenue was down 45.0% on a year-over-year basis. On average, analysts predict that BlackBerry will post $-1.31 earnings per share for the current fiscal year.
Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.
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