BlackBerry Limited (NASDAQ:BBRY) Sees Large Decline in Short Interest
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 39,952,028 shares, a drop of 7.5% from the July 14th total of 43,188,753 shares. Currently, 7.7% of the shares of the stock are short sold. Based on an average daily volume of 4,181,037 shares, the short-interest ratio is currently 9.6 days.
BlackBerry Limited (BBRY) opened at 8.78 on Friday. BlackBerry Limited has a 52 week low of $6.65 and a 52 week high of $11.74. The stock has a market cap of $4.66 billion, a PE ratio of 36.13 and a beta of 0.97. The stock has a 50 day moving average price of $9.73 and a 200 day moving average price of $8.87.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last posted 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. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The company had revenue of $244 million for the quarter, compared to analyst estimates of $262.80 million. BlackBerry Limited’s revenue for the quarter was down 42.5% on a year-over-year basis. On average, equities analysts predict that BlackBerry Limited will post $0.04 earnings per share for the current year.
BlackBerry Limited declared that its board has approved a share repurchase program on Friday, June 23rd that allows the company to repurchase 31,000,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Several institutional investors have recently bought and sold shares of BBRY. Beck Mack & Oliver LLC acquired a new position in BlackBerry Limited during the first quarter worth approximately $105,000. Creative Planning raised its position in 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 during the last quarter. B & T Capital Management DBA Alpha Capital Management acquired a new position in BlackBerry Limited during the second quarter worth approximately $123,000. American Asset Management Inc. acquired a new position in BlackBerry Limited during the second quarter worth approximately $123,000. Finally, Capital Investment Counsel Inc acquired a new position in BlackBerry Limited during the first quarter worth approximately $126,000. Institutional investors and hedge funds own 63.31% of the company’s stock.
BBRY has been the subject of a number of recent research reports. Raymond James Financial, Inc. downgraded BlackBerry Limited from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $9.50 to $11.00 in a research note on Monday, May 29th. William Blair reaffirmed a “market perform” rating on shares of BlackBerry Limited in a research note on Wednesday, April 19th. BMO Capital Markets raised their target price on BlackBerry Limited from $8.00 to $9.00 and gave the stock a “market perform” rating in a research note on Monday, April 17th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $8.00 target price on shares of BlackBerry Limited in a research note on Wednesday, June 21st. Finally, Vetr raised BlackBerry Limited from a “buy” rating to a “strong-buy” rating and set a $12.74 target price for the company in a research note on Monday, June 5th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $9.47.
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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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