BlackBerry Limited (BBRY) Cut to “Strong Sell” at BidaskClub
BidaskClub downgraded shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday.
Several other equities analysts also recently weighed in on the company. Raymond James Financial, Inc. downgraded BlackBerry Limited from an outperform rating to a market perform rating and boosted their target price for the company from $9.50 to $11.00 in a research report on Monday, May 29th. Royal Bank Of Canada set a $10.00 target price on BlackBerry Limited and gave the company a hold rating in a research report on Wednesday, August 9th. Credit Suisse Group reissued an underperform rating and set a $8.00 target price on shares of BlackBerry Limited in a research report on Wednesday, June 21st. Vetr raised BlackBerry Limited from a buy rating to a strong-buy rating and set a $12.74 target price on the stock in a research report on Monday, June 5th. Finally, Zacks Investment Research raised BlackBerry Limited from a hold rating to a buy rating and set a $11.00 price objective on the stock in a research report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average price target of $9.47.
Shares of BlackBerry Limited (NASDAQ:BBRY) opened at 8.99 on Wednesday. BlackBerry Limited has a 52-week low of $6.65 and a 52-week high of $11.74. The firm has a market capitalization of $4.77 billion, a P/E ratio of 37.00 and a beta of 0.97. The company’s 50-day moving average is $9.42 and its 200 day moving average is $8.99.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its earnings results on Friday, June 23rd. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. The firm had revenue of $244 million for the quarter, compared to the consensus estimate of $262.80 million. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The business’s quarterly revenue was down 42.5% on a year-over-year basis. Analysts expect that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
BlackBerry Limited declared that its Board of Directors has initiated a share repurchase program on Friday, June 23rd that allows the company to buyback 31,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Institutional investors have recently modified their holdings of the company. Comerica Bank increased its position in shares of BlackBerry Limited by 1.3% in the first quarter. Comerica Bank now owns 30,043 shares of the company’s stock worth $280,000 after buying an additional 394 shares in the last quarter. World Asset Management Inc increased its position in shares of BlackBerry Limited by 1.3% in the first quarter. World Asset Management Inc now owns 32,643 shares of the company’s stock worth $253,000 after buying an additional 421 shares in the last quarter. Korea Investment CORP increased its position in shares of BlackBerry Limited by 3.0% in the second quarter. Korea Investment CORP now owns 31,665 shares of the company’s stock worth $316,000 after buying an additional 937 shares in the last quarter. Fiera Capital Corp increased its position in shares of BlackBerry Limited by 1.3% in the second quarter. Fiera Capital Corp now owns 126,127 shares of the company’s stock worth $1,258,000 after buying an additional 1,600 shares in the last quarter. Finally, Creative Planning increased its position in shares of BlackBerry Limited by 18.6% in the second quarter. Creative Planning now owns 12,122 shares of the company’s stock worth $121,000 after buying an additional 1,900 shares in the last quarter. Institutional investors own 62.94% of the company’s stock.
BlackBerry Limited Company Profile
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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