BlackBerry (NYSE:BB) Trading Down 3.6%

BlackBerry Limited (NYSE:BB) shares dropped 3.6% during trading on Monday . The company traded as low as $2.93 and last traded at $2.94. Approximately 1,009,264 shares changed hands during trading, a decline of 90% from the average daily volume of 9,760,327 shares. The stock had previously closed at $3.05.

Wall Street Analysts Forecast Growth

BB has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a research report on Thursday, April 4th. StockNews.com lowered shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Canaccord Genuity Group cut their target price on shares of BlackBerry from $5.00 to $4.25 and set a “hold” rating for the company in a research report on Thursday, December 21st. CIBC cut their target price on shares of BlackBerry from $4.25 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Finally, Robert W. Baird cut their price target on shares of BlackBerry from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.08.

BlackBerry Stock Down 1.4 %

The firm’s 50-day simple moving average is $2.79 and its 200-day simple moving average is $3.30. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BB) last issued its quarterly earnings data on Wednesday, April 3rd. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.06. The firm had revenue of $173.00 million during the quarter, compared to the consensus estimate of $150.47 million. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) earnings per share. Sell-side analysts predict that BlackBerry Limited will post -0.09 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Philip G. Brace purchased 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average cost of $2.79 per share, with a total value of $97,650.00. Following the completion of the purchase, the director now directly owns 35,000 shares in the company, valued at $97,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Institutional investors and hedge funds have recently made changes to their positions in the business. Optiver Holding B.V. purchased a new stake in shares of BlackBerry during the third quarter valued at approximately $25,000. GHP Investment Advisors Inc. purchased a new stake in shares of BlackBerry during the third quarter valued at approximately $28,000. Highlander Capital Management LLC grew its holdings in shares of BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after buying an additional 3,500 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of BlackBerry during the fourth quarter valued at approximately $36,000. Finally, Creative Planning purchased a new stake in shares of BlackBerry during the fourth quarter valued at approximately $37,000. Institutional investors 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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.