BlackBerry (NYSE:BB) PT Lowered to $2.70

BlackBerry (NYSE:BB) had its price objective decreased by Canaccord Genuity Group from $3.25 to $2.70 in a research note released on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

A number of other research firms have also weighed in on BB. 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, April 4th. 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. Finally, CIBC raised BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price objective for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, BlackBerry presently has an average rating of Hold and a consensus price target of $3.20.

BlackBerry Price Performance

BB stock opened at $2.48 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43. The company’s 50-day moving average is $2.76 and its 200-day moving average is $2.94. The stock has a market capitalization of $1.46 billion, a PE ratio of -8.55 and a beta of 1.37. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75.

BlackBerry (NYSE:BB) last announced 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. BlackBerry had a negative return on equity of 6.30% and a negative net margin of 25.80%. The firm had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. During the same quarter last year, the firm posted $0.04 earnings per share. The company’s revenue for the quarter was down 61.4% compared to the same quarter last year. Equities research analysts expect that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently made changes to their positions in the business. Highlander Capital Management LLC increased its holdings in BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after buying an additional 3,500 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of BlackBerry during the 4th quarter valued at approximately $58,000. Oxford Asset Management LLP purchased a new stake in shares of BlackBerry during the 4th quarter worth approximately $60,000. Private Advisor Group LLC raised its holdings in shares of BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after purchasing an additional 5,645 shares during the period. Finally, Breakwater Capital Group purchased a new position in BlackBerry in the fourth quarter valued at approximately $107,000. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.