BlackBerry Ltd. (NASDAQ:BBRY)‘s stock had its “cautious” rating reiterated by investment analysts at Wells Fargo & Co. in a research report issued on Monday. They currently have a $7.63 target price on the smartphone producer’s stock, up from their previous target price of $7.63. Wells Fargo & Co.’s target price indicates a potential downside of 4.45% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other equities analysts have also recently weighed in on BBRY. Zacks Investment Research cut BlackBerry from a “buy” rating to a “hold” rating in a report on Monday, June 6th. Imperial Capital lowered their price target on 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 reissued a “sell” rating on shares of BlackBerry in a report on Friday, June 17th. Royal Bank Of Canada reissued a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of BlackBerry in a report on Tuesday, June 21st. Finally, BMO Capital Markets reissued a “hold” rating and set a $8.00 price target on shares of BlackBerry in a report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $7.84.
BlackBerry (NASDAQ:BBRY) traded up 0.50% during trading on Monday, reaching $7.98. The company had a trading volume of 5,706,052 shares. The firm’s market capitalization is $4.17 billion. BlackBerry has a one year low of $6.04 and a one year high of $9.46. The firm’s 50-day moving average price is $7.80 and its 200 day moving average price is $7.30.
BlackBerry (NASDAQ:BBRY) last released its quarterly earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $352 million for the quarter. BlackBerry had a negative return on equity of 3.13% and a negative net margin of 78.41%. BlackBerry’s quarterly revenue was down 28.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) earnings per share. Equities analysts forecast that BlackBerry will post ($0.06) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Fund Management S.A. raised its position in shares of BlackBerry by 59.2% in the second quarter. Capital Fund Management S.A. now owns 241,875 shares of the smartphone producer’s stock worth $1,623,000 after buying an additional 89,980 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of BlackBerry during the second quarter worth $32,778,000. Greylin Investment Mangement Inc. raised its position in shares of BlackBerry by 137.9% in the second quarter. Greylin Investment Mangement Inc. now owns 86,300 shares of the smartphone producer’s stock worth $579,000 after buying an additional 50,025 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in shares of BlackBerry by 3.0% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 67,596 shares of the smartphone producer’s stock worth $545,000 after buying an additional 1,959 shares during the last quarter. Finally, A.R.T. Advisors LLC raised its position in shares of BlackBerry by 46.0% in the first quarter. A.R.T. Advisors LLC now owns 441,505 shares of the smartphone producer’s stock worth $3,571,000 after buying an additional 139,200 shares during the last quarter. Hedge funds and other 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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