BlackBerry (NYSE:BB) Shares Down 7.3% on Insider Selling

BlackBerry Limited (NYSE:BB) shares were down 7.3% on Tuesday following insider selling activity. The stock traded as low as $2.42 and last traded at $2.43. Approximately 8,709,543 shares changed hands during trading, a decline of 4% from the average daily volume of 9,084,528 shares. The stock had previously closed at $2.62.

Specifically, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares in the company, valued at approximately $76,226.37. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

Several research analysts have weighed in on BB shares. Canaccord Genuity Group lowered their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Friday. Robert W. Baird cut their price target on BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. CIBC raised BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price for the company in a report on Thursday, June 27th. Finally, Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.20.

BlackBerry Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43. The business has a 50 day moving average price of $2.36 and a 200-day moving average price of $2.59. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -8.38 and a beta of 1.39.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $138.82 million. BlackBerry had a negative return on equity of 6.43% and a negative net margin of 25.80%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) EPS. Research analysts predict that BlackBerry Limited will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

A number of hedge funds have recently added to or reduced their stakes in BB. EP Wealth Advisors LLC purchased a new stake in shares of BlackBerry during the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. raised its position in BlackBerry by 83.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after acquiring an additional 5,349 shares during the period. Werba Rubin Papier Wealth Management bought a new position in shares of BlackBerry during the 2nd quarter valued at approximately $43,000. Viewpoint Capital Management LLC bought a new position in shares of BlackBerry during the 2nd quarter valued at approximately $50,000. Finally, Marathon Trading Investment Management LLC purchased a new stake in shares of BlackBerry during the 2nd quarter worth approximately $169,000. 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.