BlackBerry Limited (NYSE:BB) Sees Large Decline in Short Interest

BlackBerry Limited (NYSE:BB) was the recipient of a significant decline in short interest in November. As of November 15th, there was short interest totalling 24,830,000 shares, a decline of 8.0% from the October 31st total of 26,980,000 shares. Currently, 4.3% of the company’s shares are short sold. Based on an average trading volume of 8,420,000 shares, the short-interest ratio is currently 2.9 days.

BlackBerry Price Performance

Shares of NYSE:BB traded up $0.04 during trading on Wednesday, hitting $2.58. 12,405,803 shares of the company were exchanged, compared to its average volume of 9,120,752. The business’s 50 day moving average is $2.44 and its 200-day moving average is $2.45. The company has a market capitalization of $1.53 billion, a P/E ratio of -10.40 and a beta of 1.43. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. BlackBerry has a 1-year low of $2.01 and a 1-year high of $4.44.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $145.00 million during the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) earnings per share. Equities analysts forecast that BlackBerry will post -0.06 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. CIBC upped their target price on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Canaccord Genuity Group upped their target price on BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a research report on Friday, September 27th. Finally, StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.23.

Insiders Place Their Bets

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction that occurred on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the transaction, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. EP Wealth Advisors LLC bought a new position in BlackBerry during the 2nd quarter worth $28,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after buying an additional 5,349 shares during the last quarter. Quantinno Capital Management LP purchased a new position in BlackBerry in the third quarter valued at approximately $38,000. Werba Rubin Papier Wealth Management purchased a new position in BlackBerry in the second quarter valued at approximately $43,000. Finally, Viewpoint Capital Management LLC bought a new stake in BlackBerry during the 2nd quarter valued at $50,000. 54.48% of the stock is owned by institutional investors.

BlackBerry Company Profile

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.