BlackBerry Ltd. (NASDAQ:BBRY) was upgraded by equities research analysts at Macquarie from an “underperform” rating to a “neutral” rating in a report released on Thursday. The brokerage presently has a $8.50 price objective on the smartphone producer’s stock, up from their prior price objective of $7.00. Macquarie’s price target would suggest a potential upside of 6.52% from the stock’s previous close.
A number of other equities analysts have also commented on the stock. Royal Bank Of Canada boosted their price target on shares of BlackBerry from $7.00 to $7.50 and gave the company a “sector perform” rating in a research report on Thursday. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 target price on shares of BlackBerry in a research report on Thursday. Goldman Sachs Group Inc. reiterated a “sell” rating and set a $6.00 target price on shares of BlackBerry in a research report on Thursday. Credit Suisse Group AG reiterated an “underperform” rating and set a $6.00 target price on shares of BlackBerry in a research report on Thursday. Finally, RBC Capital Markets reiterated a “sector perform” rating and set a $9.00 target price (up from $7.00) on shares of BlackBerry in a research report on Monday, September 26th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $7.92.
BlackBerry (NASDAQ:BBRY) opened at 7.98 on Thursday. The firm has a 50-day moving average of $7.80 and a 200-day moving average of $7.30. The stock’s market capitalization is $4.17 billion. BlackBerry has a 52-week low of $6.23 and a 52-week high of $9.46.
BlackBerry (NASDAQ:BBRY) last released its quarterly earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The firm had revenue of $352 million for the quarter. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. BlackBerry’s quarterly revenue was down 28.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) earnings per share. On average, equities analysts expect that BlackBerry will post ($0.03) EPS for the current year.
Institutional investors have recently modified their holdings of the stock. Water Island Capital LLC raised its position 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 last quarter. IFP Advisors Inc raised its position 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 last quarter. Exane Derivatives bought a new position in shares of BlackBerry during the first quarter valued at $221,000. World Asset Management Inc raised its position 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 last quarter. Finally, Ameriprise Financial Inc. raised its position 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 last quarter. 57.99% of the stock is currently owned by institutional investors.
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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