Credit Suisse Group AG reaffirmed their sell rating on shares of BlackBerry Ltd. (NASDAQ:BBRY) in a report released on Friday. They currently have a $6.00 price objective on the smartphone producer’s stock.
Several other research analysts also recently issued reports on BBRY. Zacks Investment Research downgraded BlackBerry from a buy rating to a hold rating in a research note on Monday, June 6th. Wells Fargo & Co. reissued a market perform rating and set a $7.62 target price on shares of BlackBerry in a research report on Monday, June 13th. Imperial Capital decreased their target price on shares of BlackBerry from $7.50 to $7.00 and set an in-line rating for the company in a research report on Thursday, June 16th. Royal Bank Of Canada reissued a sector perform rating and set a $7.00 target price (down previously from $8.00) on shares of BlackBerry in a research report on Tuesday, June 21st. Finally, BMO Capital Markets reissued a hold rating and set a $8.00 target price on shares of BlackBerry in a research report on Wednesday, June 22nd. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $7.70.
Shares of BlackBerry (NASDAQ:BBRY) opened at 8.33 on Friday. BlackBerry has a 12 month low of $6.03 and a 12 month high of $9.46. The stock has a 50 day moving average of $7.79 and a 200-day moving average of $7.30. The company’s market cap is $4.36 billion.
BlackBerry (NASDAQ:BBRY) last released its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. BlackBerry had a negative return on equity of 4.49% and a negative net margin of 49.74%. The company earned $352 million during the quarter, compared to the consensus estimate of $393.75 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The firm’s revenue was down 28.2% compared to the same quarter last year. On average, analysts forecast that BlackBerry will post ($0.15) EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. Water Island Capital LLC increased its stake in BlackBerry by 106.3% in the second quarter. Water Island Capital LLC now owns 16,500 shares of the smartphone producer’s stock worth $111,000 after buying an additional 8,500 shares during the last quarter. IFP Advisors Inc increased its stake in BlackBerry by 83.9% in the second quarter. IFP Advisors Inc now owns 20,490 shares of the smartphone producer’s stock worth $137,000 after buying an additional 9,350 shares during the last quarter. World Asset Management Inc increased its stake in BlackBerry by 7.8% in the second quarter. World Asset Management Inc now owns 32,372 shares of the smartphone producer’s stock worth $217,000 after buying an additional 2,330 shares during the last quarter. Exane Derivatives purchased a new stake in BlackBerry during the first quarter worth $221,000. Finally, Ameriprise Financial Inc. increased its stake in BlackBerry by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 33,078 shares of the smartphone producer’s stock worth $222,000 after buying an additional 1,147 shares during the last quarter. Institutional investors own 57.99% of the company’s stock.
BlackBerry Company Profile
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.
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