BlackBerry (NYSE:BB) Hits New 12-Month High – What’s Next?

BlackBerry Limited (NYSE:BB) hit a new 52-week high during trading on Tuesday . The company traded as high as $6.09 and last traded at $6.12, with a volume of 4462251 shares trading hands. The stock had previously closed at $5.69.

Wall Street Analyst Weigh In

BB has been the subject of several recent analyst reports. Canaccord Genuity Group increased their price objective on BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research note on Friday, December 20th. Royal Bank of Canada raised their target price on BlackBerry from $3.25 to $4.00 and gave the company a “sector perform” rating in a research note on Friday, January 10th. Robert W. Baird raised their price target on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, BlackBerry has an average rating of “Moderate Buy” and a consensus price target of $3.69.

BlackBerry Price Performance

The business has a 50-day simple moving average of $4.13 and a 200 day simple moving average of $3.01. The stock has a market cap of $3.59 billion, a P/E ratio of -27.61 and a beta of 1.31. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last announced its earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.01 EPS. On average, analysts forecast that BlackBerry Limited will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jay P. Chai sold 24,425 shares of BlackBerry stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO John Joseph Giamatteo sold 155,815 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $573,399.20. Following the transaction, the chief executive officer now directly owns 385,552 shares in the company, valued at $1,418,831.36. This trade represents a 28.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,221 shares of company stock worth $925,655 in the last three months. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackBerry

Several hedge funds have recently bought and sold shares of the company. Hood River Capital Management LLC purchased a new position in shares of BlackBerry in the 4th quarter worth $53,267,000. Legal & General Group Plc raised its position in shares of BlackBerry by 19.9% in the 4th quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock worth $125,987,000 after buying an additional 5,518,216 shares during the period. Renaissance Technologies LLC purchased a new position in shares of BlackBerry in the 4th quarter worth $19,485,000. Connor Clark & Lunn Investment Management Ltd. raised its position in BlackBerry by 41.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company’s stock valued at $51,856,000 after purchasing an additional 4,039,483 shares during the period. Finally, NewGen Asset Management Ltd purchased a new position in BlackBerry in the fourth quarter valued at about $14,282,000. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.