Goldman Sachs Group Inc. Reaffirms “Sell” Rating for BlackBerry Ltd. (BBRY)
BlackBerry Ltd. (NASDAQ:BBRY)‘s stock had its “sell” rating restated by Goldman Sachs Group Inc. in a research report issued to clients and investors on Thursday, StockTargetPrices.com reports. They currently have a $6.00 target price on the smartphone producer’s stock. Goldman Sachs Group Inc.’s price target suggests a potential downside of 27.97% from the stock’s previous close.
Several other research firms have also weighed in on BBRY. Credit Suisse Group AG reissued an “underperform” rating and issued a $6.00 price objective on shares of BlackBerry in a research report on Thursday. MKM Partners reissued a “hold” rating on shares of BlackBerry in a research report on Sunday, June 26th. Zacks Investment Research lowered BlackBerry from a “buy” rating to a “hold” rating in a research report on Monday, June 6th. Wells Fargo & Co. reissued a “market perform” rating and issued a $7.62 price objective on shares of BlackBerry in a research report on Monday, June 13th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of BlackBerry in a research report on Monday, June 27th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the stock. BlackBerry currently has an average rating of “Hold” and a consensus price target of $7.70.
BlackBerry (NASDAQ:BBRY) opened at 8.33 on Thursday. BlackBerry has a 1-year low of $6.03 and a 1-year high of $9.46. The firm’s market cap is $4.36 billion. The firm has a 50-day moving average price of $7.79 and a 200-day moving average price of $7.30.
BlackBerry (NASDAQ:BBRY) last announced its earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The firm had revenue of $352 million for the quarter, compared to the consensus estimate of $393.75 million. BlackBerry had a negative return on equity of 4.49% and a negative net margin of 49.74%. The business’s quarterly revenue was down 28.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.13) EPS. On average, analysts expect that BlackBerry will post ($0.15) earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Capital Fund Management S.A. boosted its stake in shares of BlackBerry by 59.2% in the second quarter. Capital Fund Management S.A. now owns 241,875 shares of the smartphone producer’s stock worth $1,623,000 after buying an additional 89,980 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of BlackBerry during the second quarter worth about $32,778,000. Greylin Investment Mangement Inc. boosted its stake in shares of BlackBerry by 137.9% in the second quarter. Greylin Investment Mangement Inc. now owns 86,300 shares of the smartphone producer’s stock worth $579,000 after buying an additional 50,025 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of BlackBerry by 3.0% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 67,596 shares of the smartphone producer’s stock worth $545,000 after buying an additional 1,959 shares during the last quarter. Finally, A.R.T. Advisors LLC boosted its stake in shares of BlackBerry by 46.0% in the first quarter. A.R.T. Advisors LLC now owns 441,505 shares of the smartphone producer’s stock worth $3,571,000 after buying an additional 139,200 shares during the last quarter. 57.99% of the stock is currently owned by institutional investors and hedge funds.
BlackBerry 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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