BlackBerry Ltd. (NASDAQ:BBRY)‘s stock had its “hold” rating restated by equities research analysts at Canaccord Genuity in a report issued on Friday. They currently have a $8.00 price target on the smartphone producer’s stock. Canaccord Genuity’s target price would suggest a potential upside of 1.91% from the stock’s previous close.
Several other brokerages have also recently issued reports on BBRY. Goldman Sachs Group Inc. reissued a “sell” rating and issued a $6.00 price objective on shares of BlackBerry in a research note on Thursday, September 29th. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price objective on shares of BlackBerry in a research note on Thursday, September 29th. Royal Bank Of Canada increased their price objective on BlackBerry from $7.00 to $7.50 and gave the stock a “sector perform” rating in a research note on Thursday, September 29th. Macquarie raised BlackBerry from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $7.00 to $8.50 in a research note on Thursday, September 29th. Finally, Credit Suisse Group AG reissued an “underperform” rating and issued a $6.00 price objective on shares of BlackBerry in a research note on Thursday, September 29th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $7.92.
Shares of BlackBerry (NASDAQ:BBRY) opened at 7.85 on Friday. BlackBerry has a one year low of $6.23 and a one year high of $9.46. The company has a 50 day moving average price of $7.79 and a 200 day moving average price of $7.29. The company’s market cap is $4.11 billion.
BlackBerry (NASDAQ:BBRY) last announced its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. BlackBerry had a negative return on equity of 3.36% and a negative net margin of 78.41%. The company had revenue of $352 million for the quarter. During the same period last year, the company earned ($0.13) EPS. The firm’s revenue for the quarter was down 28.2% compared to the same quarter last year. Equities analysts predict that BlackBerry will post ($0.03) EPS for the current year.
A number of institutional investors have recently modified their holdings of the company. Bank of Montreal Can purchased a new position in shares of BlackBerry during the second quarter worth about $32,778,000. Norges Bank purchased a new position in shares of BlackBerry during the fourth quarter worth about $41,371,000. Renaissance Technologies LLC raised its position in shares of BlackBerry by 11.9% in the first quarter. Renaissance Technologies LLC now owns 14,766,100 shares of the smartphone producer’s stock worth $119,473,000 after buying an additional 1,575,300 shares during the period. Primecap Management Co. CA raised its position in shares of BlackBerry by 1.8% in the first quarter. Primecap Management Co. CA now owns 76,097,907 shares of the smartphone producer’s stock worth $615,632,000 after buying an additional 1,371,800 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of BlackBerry by 11.5% in the second quarter. Vanguard Group Inc. now owns 9,288,048 shares of the smartphone producer’s stock worth $62,323,000 after buying an additional 958,365 shares during the period. Institutional investors own 57.99% of the company’s stock.
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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