BlackBerry (NYSE:BB) Shares Gap Down – Time to Sell?

BlackBerry Limited (NYSE:BB) gapped down before the market opened on Tuesday . The stock had previously closed at $3.09, but opened at $3.00. BlackBerry shares last traded at $3.12, with a volume of 2,873,912 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BB. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Royal Bank of Canada increased their target price on shares of BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research note on Tuesday. Canaccord Genuity Group boosted their target price on shares of BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research report on Friday, October 18th. TD Securities increased their price target on shares of BlackBerry from $2.75 to $3.25 and gave the company a “hold” rating in a report on Wednesday. Finally, CIBC boosted their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.34.

BlackBerry Price Performance

The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -12.04 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. The company has a fifty day simple moving average of $2.52 and a two-hundred day simple moving average of $2.45.

BlackBerry (NYSE:BB) last released 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. The business had revenue of $145.00 million during the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) EPS. As a group, research analysts anticipate that BlackBerry Limited will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Philip S. Kurtz sold 15,005 shares of the company’s stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the transaction, the insider now owns 30,129 shares in the company, valued at approximately $76,226.37. This 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 accessible through the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. EP Wealth Advisors LLC bought a new stake in BlackBerry during the second quarter worth approximately $28,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of BlackBerry by 83.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares during the period. Quantinno Capital Management LP bought a new position in BlackBerry during the third quarter valued at about $38,000. Werba Rubin Papier Wealth Management acquired a new position in BlackBerry during the second quarter worth about $43,000. Finally, Viewpoint Capital Management LLC bought a new stake in BlackBerry in the second quarter worth about $50,000. 54.48% of the stock is 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.