BlackBerry Limited (NYSE:BB) Short Interest Update

BlackBerry Limited (NYSE:BB) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 29,210,000 shares, a drop of 7.2% from the August 15th total of 31,470,000 shares. Based on an average daily trading volume, of 7,410,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 5.0% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BB shares. CIBC raised BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price target on the stock in a research note on Thursday, June 27th. Cibc World Mkts upgraded shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 27th. TD Securities reduced their target price on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a research note on Thursday, June 27th. Canaccord Genuity Group dropped their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday, June 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.20.

BlackBerry Trading Up 0.4 %

NYSE BB traded up $0.01 during trading on Wednesday, reaching $2.43. 4,724,265 shares of the stock traded hands, compared to its average volume of 8,867,645. The stock’s 50-day moving average price is $2.36 and its 200 day moving average price is $2.62. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.26. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -8.33 and a beta of 1.39. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $5.25.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. The firm’s quarterly revenue was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. Analysts predict that BlackBerry will post -0.09 EPS for the current year.

Insider Activity

In other BlackBerry news, insider Mattias Eriksson sold 52,549 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $2.45, for a total value of $128,745.05. Following the completion of the transaction, the insider now directly owns 214,440 shares of the company’s stock, valued at $525,378. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BlackBerry

Hedge funds have recently modified their holdings of the business. First Trust Advisors LP lifted its position in BlackBerry by 70.1% in the 4th quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after acquiring an additional 13,925,510 shares in the last quarter. FIFTHDELTA Ltd lifted its position in shares of BlackBerry by 2.3% in the first quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock worth $86,940,000 after purchasing an additional 710,015 shares in the last quarter. Vanguard Group Inc. boosted its holdings in BlackBerry by 0.8% during the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after purchasing an additional 149,444 shares during the last quarter. Norges Bank bought a new position in BlackBerry in the fourth quarter valued at $48,775,000. Finally, EdgePoint Investment Group Inc. increased its stake in BlackBerry by 25.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after buying an additional 2,536,966 shares during the last quarter. Institutional investors and hedge funds 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 CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.