BlackBerry (NYSE:BB) Stock Rating Upgraded by Cibc World Mkts

BlackBerry (NYSE:BB) was upgraded by equities research analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks.com reports.

BB has been the topic of several other research reports. Robert W. Baird cut their price objective on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price target on shares of BlackBerry in a research note on Thursday. TD Securities reduced their price target on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a report on Thursday. CIBC upgraded shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price objective on the stock in a report on Thursday. Finally, Canaccord Genuity Group reduced their target price on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.20.

BlackBerry Stock Up 1.8 %

Shares of NYSE:BB opened at $2.50 on Thursday. The company has a 50 day moving average price of $2.76 and a two-hundred day moving average price of $2.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $1.47 billion, a PE ratio of -8.60 and a beta of 1.37. BlackBerry has a 52 week low of $2.20 and a 52 week high of $5.75.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The firm’s quarterly revenue was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. Analysts forecast that BlackBerry will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On BlackBerry

A number of institutional investors have recently added to or reduced their stakes in BB. First Trust Advisors LP lifted its stake in BlackBerry by 70.1% in the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after acquiring an additional 13,925,510 shares during the last quarter. FIFTHDELTA Ltd raised its holdings in shares of BlackBerry by 2.3% in the 1st quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after purchasing an additional 710,015 shares during the period. Vanguard Group Inc. lifted its stake in BlackBerry by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after purchasing an additional 149,444 shares during the last quarter. Norges Bank bought a new position in BlackBerry during the fourth quarter worth about $48,775,000. Finally, EdgePoint Investment Group Inc. increased its position in BlackBerry by 25.6% during the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after buying an additional 2,536,966 shares during the last quarter. 54.48% of the stock is currently owned by institutional investors and hedge funds.

About BlackBerry

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.