BlackBerry (NYSE:BB) Stock Price Down 4.5% – Here’s What Happened

BlackBerry Limited (NYSE:BB) shares dropped 4.5% during trading on Friday . The stock traded as low as $3.64 and last traded at $3.65. Approximately 8,991,507 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 13,513,541 shares. The stock had previously closed at $3.82.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BB. Canaccord Genuity Group upped their price target on shares of BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a report on Friday, December 20th. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and increased their target price for the company from $3.25 to $4.00 in a research note on Friday, December 20th. TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird upped their price target on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Friday, December 20th. Finally, StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, BlackBerry currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.60.

BlackBerry Trading Down 3.7 %

The business’s 50 day moving average price is $2.82 and its 200-day moving average price is $2.54. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -14.72 and a beta of 1.30. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $143.00 million during the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.01 earnings per share. On average, research analysts forecast that BlackBerry Limited will post -0.06 EPS for the current year.

Institutional Investors Weigh In On BlackBerry

Hedge funds have recently made changes to their positions in the company. Millennium Management LLC grew its holdings in shares of BlackBerry by 5,408.9% during the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of BlackBerry by 15.9% in the third quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock worth $31,238,000 after acquiring an additional 1,637,916 shares during the last quarter. Potrero Capital Research LLC acquired a new position in shares of BlackBerry during the third quarter worth approximately $2,359,000. Cubist Systematic Strategies LLC grew its stake in shares of BlackBerry by 815.6% during the second quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock valued at $1,361,000 after purchasing an additional 488,934 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of BlackBerry in the third quarter valued at approximately $1,285,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

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.