BlackBerry Ltd. (BBRY) Rating Lowered to Buy at Vetr Inc.
BlackBerry Ltd. (NASDAQ:BBRY) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday. They presently have a $8.48 target price on the smartphone producer’s stock. Vetr‘s target price points to a potential upside of 7.89% from the stock’s current price.
Other analysts have also issued reports about the company. Imperial Capital reissued an “in-line” rating and set a $7.00 price objective on shares of BlackBerry in a report on Tuesday, June 28th. MKM Partners reissued a “hold” rating on shares of BlackBerry in a report on Sunday, June 26th. RBC Capital Markets reissued a “sector perform” rating and set a $9.00 price objective on shares of BlackBerry in a report on Wednesday, July 20th. Wells Fargo & Co. reissued a “market perform” rating and set a $7.62 price objective on shares of BlackBerry in a report on Monday, June 13th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of BlackBerry in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company. BlackBerry presently has an average rating of “Hold” and a consensus price target of $7.92.
BlackBerry (NASDAQ:BBRY) traded down 1.01% during trading on Monday, reaching $7.86. The company’s stock had a trading volume of 2,594,781 shares. BlackBerry has a 12 month low of $6.23 and a 12 month high of $9.46. The company’s market cap is $4.12 billion. The stock’s 50 day moving average is $7.75 and its 200 day moving average is $7.30.
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BlackBerry (NASDAQ:BBRY) last issued its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm earned $352 million during the quarter. BlackBerry had a negative return on equity of 3.36% and a negative net margin of 78.41%. The business’s revenue for the quarter was down 28.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) earnings per share. On average, equities analysts expect that BlackBerry will post ($0.01) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Water Island Capital LLC raised its stake in BlackBerry by 106.3% in the second quarter. Water Island Capital LLC now owns 16,500 shares of the smartphone producer’s stock valued at $111,000 after buying an additional 8,500 shares during the last quarter. IFP Advisors Inc raised its stake in BlackBerry by 83.9% in the second quarter. IFP Advisors Inc now owns 20,490 shares of the smartphone producer’s stock valued at $137,000 after buying an additional 9,350 shares during the last quarter. World Asset Management Inc raised its stake in BlackBerry by 7.8% in the second quarter. World Asset Management Inc now owns 32,372 shares of the smartphone producer’s stock valued at $217,000 after buying an additional 2,330 shares during the last quarter. Ameriprise Financial Inc. raised its stake in BlackBerry by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 33,078 shares of the smartphone producer’s stock valued at $222,000 after buying an additional 1,147 shares during the last quarter. Finally, Exane Derivatives raised its stake in BlackBerry by 29.2% in the second quarter. Exane Derivatives now owns 35,250 shares of the smartphone producer’s stock valued at $236,000 after buying an additional 7,957 shares during the last quarter. 57.99% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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