Short Interest in BlackBerry Limited (BBRY) Grows By 5.8%
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) saw a large increase in short interest during the month of September. As of September 29th, there was short interest totalling 44,161,694 shares, an increase of 5.8% from the September 15th total of 41,732,966 shares. Currently, 8.5% of the company’s stock are short sold. Based on an average daily volume of 15,357,534 shares, the short-interest ratio is presently 2.9 days.
Shares of BlackBerry Limited (BBRY) opened at 11.39 on Thursday. The firm has a 50 day moving average price of $9.73 and a 200-day moving average price of $9.62. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74. The company has a market cap of $6.04 billion, a P/E ratio of 11.78 and a beta of 1.00.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last issued its quarterly earnings results on Thursday, September 28th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. The business had revenue of $238.00 million during the quarter, compared to analysts’ expectations of $221.21 million. BlackBerry Limited had a return on equity of 2.70% and a net margin of 49.62%. The firm’s revenue for the quarter was down 32.4% on a year-over-year basis. Analysts anticipate that BlackBerry Limited will post $0.06 earnings per share for the current fiscal year.
BlackBerry Limited announced that its Board of Directors has initiated a stock repurchase plan on Friday, June 23rd that authorizes the company to repurchase 31,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers bought a new stake in shares of BlackBerry Limited in the second quarter valued at approximately $279,000. Dynamic Technology Lab Private Ltd boosted its stake in shares of BlackBerry Limited by 56.4% in the second quarter. Dynamic Technology Lab Private Ltd now owns 232,703 shares of the company’s stock valued at $2,324,000 after buying an additional 83,957 shares during the period. Koch Industries Inc. bought a new stake in shares of BlackBerry Limited in the second quarter valued at approximately $360,000. Scotia Capital Inc. boosted its stake in shares of BlackBerry Limited by 6.0% in the second quarter. Scotia Capital Inc. now owns 198,145 shares of the company’s stock valued at $1,978,000 after buying an additional 11,227 shares during the period. Finally, Bank of Nova Scotia boosted its stake in shares of BlackBerry Limited by 3.1% in the second quarter. Bank of Nova Scotia now owns 1,320,717 shares of the company’s stock valued at $13,201,000 after buying an additional 39,770 shares during the period. Institutional investors and hedge funds own 63.39% of the company’s stock.
BBRY has been the topic of several research reports. Royal Bank Of Canada set a $10.00 target price on BlackBerry Limited and gave the stock a “hold” rating in a research report on Wednesday, August 9th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $8.00 target price on shares of BlackBerry Limited in a research report on Wednesday, June 21st. Morgan Stanley dropped their target price on BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 21st. Imperial Capital upped their target price on BlackBerry Limited from $8.25 to $10.00 and gave the stock an “in-line” rating in a research report on Thursday, June 15th. Finally, Bank of America Corporation upped their target price on BlackBerry Limited from $7.50 to $8.00 and gave the stock an “underperform” rating in a research report on Friday, September 22nd. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $9.70.
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About BlackBerry Limited
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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