BlackBerry (NYSE:BB) Shares Up 13.1% – What’s Next?

Shares of BlackBerry Limited (NYSE:BB) shot up 13.1% during mid-day trading on Monday . The company traded as high as $2.93 and last traded at $2.93. 27,265,500 shares changed hands during trading, an increase of 195% from the average session volume of 9,251,570 shares. The stock had previously closed at $2.59.

Analyst Ratings Changes

A number of brokerages have issued reports on BB. Canaccord Genuity Group increased their price target on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a research report on Friday, September 27th. CIBC raised 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. Finally, StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.23.

BlackBerry Stock Performance

The stock has a market cap of $1.64 billion, a PE ratio of -11.28 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. The stock has a 50-day moving average of $2.46 and a 200 day moving average of $2.44.

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

Insiders Place Their Bets

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackBerry

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BB. Intact Investment Management Inc. grew its stake in shares of BlackBerry by 25.7% in the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock valued at $3,789,000 after buying an additional 294,250 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of BlackBerry in the third quarter valued at $1,285,000. Cubist Systematic Strategies LLC grew its stake in shares of BlackBerry by 815.6% in the second quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock valued at $1,361,000 after buying an additional 488,934 shares in the last quarter. Virtu Financial LLC grew its stake in shares of BlackBerry by 911.4% in the second quarter. Virtu Financial LLC now owns 371,166 shares of the company’s stock valued at $920,000 after buying an additional 334,466 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of BlackBerry by 60.7% in the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock valued at $540,000 after buying an additional 7,842 shares in the last quarter. Institutional investors and hedge funds own 54.48% of the company’s stock.

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.