BlackBerry Ltd. (NASDAQ:BBRY) traded up 3.9% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $8.46 and last traded at $8.19, with a volume of 16,875,197 shares changing hands. The stock had previously closed at $7.88.
The smartphone producer reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. BlackBerry had a negative net margin of 49.74% and a negative return on equity of 4.49%. The business had revenue of $352 million for the quarter. During the same quarter in the previous year, the business earned ($0.13) earnings per share. The firm’s revenue was down 28.2% on a year-over-year basis.
BBRY has been the topic of several recent analyst reports. Zacks Investment Research cut shares of BlackBerry from a “buy” rating to a “hold” rating in a report on Monday, June 6th. Wells Fargo & Co. restated a “market perform” rating and issued a $7.62 target price on shares of BlackBerry in a report on Monday, June 13th. Imperial Capital cut their target price on shares of BlackBerry from $7.50 to $7.00 and set an “in-line” rating on the stock in a report on Thursday, June 16th. Credit Suisse Group AG restated a “sell” rating on shares of BlackBerry in a report on Friday, June 17th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down previously from $8.00) on shares of BlackBerry in a report on Tuesday, June 21st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $7.58.
Several hedge funds have recently modified their holdings of BBRY. Water Island Capital LLC boosted its stake in shares of BlackBerry by 106.3% in the second quarter. Water Island Capital LLC now owns 16,500 shares of the smartphone producer’s stock valued at $111,000 after buying an additional 8,500 shares during the period. IFP Advisors Inc boosted its stake in shares of BlackBerry by 83.9% in the second quarter. IFP Advisors Inc now owns 20,490 shares of the smartphone producer’s stock valued at $137,000 after buying an additional 9,350 shares during the period. Exane Derivatives purchased a new stake in shares of BlackBerry during the first quarter valued at about $221,000. World Asset Management Inc boosted its stake in shares of BlackBerry by 7.8% in the second quarter. World Asset Management Inc now owns 32,372 shares of the smartphone producer’s stock valued at $217,000 after buying an additional 2,330 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of BlackBerry by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 33,078 shares of the smartphone producer’s stock valued at $222,000 after buying an additional 1,147 shares during the period. 57.99% of the stock is currently owned by institutional investors and hedge funds.
The stock has a 50 day moving average of $7.78 and a 200 day moving average of $7.29. The stock’s market cap is $4.28 billion.
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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