BlackBerry Limited (BBRY) Downgraded to Strong Sell at Vetr Inc.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) was downgraded by stock analysts at Vetr from a “sell” rating to a “strong sell” rating in a research note issued to investors on Wednesday. They presently have a $10.12 price target on the stock. Vetr‘s price target suggests a potential downside of 11.15% from the company’s current price.
A number of other research firms also recently commented on BBRY. Canaccord Genuity reaffirmed a “hold” rating and set a $10.00 target price on shares of BlackBerry Limited in a report on Monday, October 2nd. TD Securities lifted their target price on BlackBerry Limited from $11.50 to $12.00 and gave the stock a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research raised BlackBerry Limited from a “hold” rating to a “strong-buy” rating and set a $13.00 target price for the company in a report on Wednesday, October 4th. Credit Suisse Group reaffirmed an “underperform” rating and set a $8.00 target price on shares of BlackBerry Limited in a report on Wednesday, June 21st. Finally, Morgan Stanley decreased their target price on BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Wednesday, June 21st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. BlackBerry Limited presently has a consensus rating of “Hold” and a consensus target price of $9.70.
Shares of BlackBerry Limited (NASDAQ BBRY) traded up 0.44% during trading on Wednesday, hitting $11.39. 3,804,662 shares of the stock traded hands. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 11.78 and a beta of 1.00. The stock has a 50 day moving average of $9.73 and a 200 day moving average of $9.62. BlackBerry Limited has a 52-week low of $6.65 and a 52-week high of $11.74.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its earnings results on Thursday, September 28th. The company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. BlackBerry Limited had a return on equity of 2.70% and a net margin of 49.62%. The firm had revenue of $238.00 million during the quarter, compared to the consensus estimate of $221.21 million. The company’s revenue for the quarter was down 32.4% compared to the same quarter last year. Analysts expect that BlackBerry Limited will post $0.06 EPS for the current year.
BlackBerry Limited announced that its Board of Directors has approved a stock buyback program on Friday, June 23rd that permits the company to buyback 31,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC increased its position in shares of BlackBerry Limited by 35.5% during the second quarter. SG Americas Securities LLC now owns 54,346 shares of the company’s stock worth $543,000 after purchasing an additional 14,246 shares in the last quarter. CI Investments Inc. purchased a new stake in shares of BlackBerry Limited during the second quarter worth approximately $30,309,000. Bank of America Corp DE increased its position in shares of BlackBerry Limited by 300.0% during the first quarter. Bank of America Corp DE now owns 754,290 shares of the company’s stock worth $5,847,000 after purchasing an additional 565,739 shares in the last quarter. Quinn Opportunity Partners LLC increased its position in shares of BlackBerry Limited by 24.8% during the second quarter. Quinn Opportunity Partners LLC now owns 785,735 shares of the company’s stock worth $7,849,000 after purchasing an additional 156,350 shares in the last quarter. Finally, Tobam purchased a new stake in shares of BlackBerry Limited during the second quarter worth approximately $1,626,000. Hedge funds and other institutional investors own 63.39% 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.
To view Vetr’s full report, visit Vetr’s official website.
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