BlackBerry (NYSE:BB) Shares Gap Up on Earnings Beat

BlackBerry Limited (NYSE:BBGet Free Report) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $4.33, but opened at $4.81. BlackBerry shares last traded at $5.08, with a volume of 13,581,839 shares.

The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative net margin of 6.44% and a positive return on equity of 2.29%. The business had revenue of $121.26 million for the quarter, compared to the consensus estimate of $112.18 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The firm’s quarterly revenue was down 15.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

BB has been the subject of several recent research reports. Wall Street Zen raised BlackBerry from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Robert W. Baird lifted their price target on shares of BlackBerry from $4.00 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday. Canaccord Genuity Group increased their price objective on shares of BlackBerry from $4.25 to $4.60 and gave the company a “hold” rating in a report on Tuesday. CIBC reaffirmed an “outperform” rating on shares of BlackBerry in a research note on Tuesday. Finally, Royal Bank Of Canada upped their target price on shares of BlackBerry from $3.75 to $4.00 and gave the company a “sector perform” rating in a research report on Friday, June 20th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $4.38.

View Our Latest Analysis on BB

Insider Buying and Selling

In other BlackBerry news, insider Philip S. Kurtz sold 16,217 shares of the company’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $5.25, for a total transaction of $85,139.25. Following the completion of the transaction, the insider now owns 57,503 shares of the company’s stock, valued at $301,890.75. This represents a 22.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jennifer Armstrong-Owen sold 29,940 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $2.99, for a total transaction of $89,520.60. Following the completion of the sale, the senior vice president now directly owns 42,398 shares in the company, valued at approximately $126,770.02. This represents a 41.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 53,433 shares of company stock worth $197,164 over the last ninety days. Company insiders own 0.37% of the company’s stock.

Institutional Trading of BlackBerry

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in shares of BlackBerry by 216.2% during the 1st quarter. Parallel Advisors LLC now owns 7,156 shares of the company’s stock worth $27,000 after purchasing an additional 4,893 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in BlackBerry by 63.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after purchasing an additional 3,811 shares during the period. Mindset Wealth Management LLC acquired a new position in BlackBerry during the fourth quarter worth approximately $38,000. Quadrant Capital Group LLC increased its position in BlackBerry by 100.3% during the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock worth $38,000 after buying an additional 5,008 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in BlackBerry in the first quarter valued at approximately $37,000. 54.48% of the stock is owned by institutional investors.

BlackBerry Stock Performance

The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -78.75 and a beta of 1.45. The stock has a 50-day moving average price of $3.89 and a 200-day moving average price of $4.05. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.72 and a quick ratio of 1.72.

BlackBerry Company Profile

(Get Free Report)

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.

Further Reading

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