BlackBerry Limited (BBRY) Sees Large Decline in Short Interest
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 39,952,028 shares, a drop of 7.5% from the July 14th total of 43,188,753 shares. Based on an average trading volume of 4,181,037 shares, the days-to-cover ratio is presently 9.6 days. Currently, 7.7% of the company’s stock are short sold.
BlackBerry Limited (NASDAQ:BBRY) opened at 8.78 on Friday. BlackBerry Limited has a 12-month low of $6.65 and a 12-month high of $11.74. The stock has a market cap of $4.66 billion, a P/E ratio of 36.13 and a beta of 0.97. The company has a 50 day moving average of $9.73 and a 200-day moving average of $8.87.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its quarterly earnings data on Friday, June 23rd. The company reported $0.02 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.02. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The business had revenue of $244 million for the quarter, compared to analyst estimates of $262.80 million. The business’s quarterly revenue was down 42.5% on a year-over-year basis. Equities analysts forecast that BlackBerry Limited will post $0.04 earnings per share for the current year.
BlackBerry Limited announced that its board has approved a stock buyback program on Friday, June 23rd that authorizes the company to repurchase 31,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Several brokerages recently issued reports on BBRY. BidaskClub lowered shares of BlackBerry Limited from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada set a $10.00 price objective on shares of BlackBerry Limited and gave the company a “hold” rating in a research note on Wednesday. Goldman Sachs Group, Inc. (The) started coverage on shares of BlackBerry Limited in a research note on Monday, August 7th. They set a “sell” rating and a $8.50 price objective for the company. William Blair restated a “market perform” rating on shares of BlackBerry Limited in a research note on Tuesday, July 4th. Finally, Wells Fargo & Company restated a “market perform” rating and set a $9.00 price objective (up from $8.50) on shares of BlackBerry Limited in a research note on Monday, June 26th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. BlackBerry Limited currently has an average rating of “Hold” and an average price target of $9.47.
A number of large investors have recently added to or reduced their stakes in BBRY. Comerica Bank raised its stake in BlackBerry Limited by 1.3% in the first quarter. Comerica Bank now owns 30,043 shares of the company’s stock valued at $280,000 after buying an additional 394 shares in the last quarter. World Asset Management Inc raised its stake in BlackBerry Limited by 1.3% in the first quarter. World Asset Management Inc now owns 32,643 shares of the company’s stock valued at $253,000 after buying an additional 421 shares in the last quarter. Korea Investment CORP raised its stake in BlackBerry Limited by 3.0% in the second quarter. Korea Investment CORP now owns 31,665 shares of the company’s stock valued at $316,000 after buying an additional 937 shares in the last quarter. Fiera Capital Corp raised its stake in BlackBerry Limited by 1.3% in the second quarter. Fiera Capital Corp now owns 126,127 shares of the company’s stock valued at $1,258,000 after buying an additional 1,600 shares in the last quarter. Finally, Creative Planning raised its stake in BlackBerry Limited by 18.6% in the second quarter. Creative Planning now owns 12,122 shares of the company’s stock valued at $121,000 after buying an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 63.31% of the company’s stock.
BlackBerry Limited Company Profile
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.
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