BlackBerry Limited (BBRY) Rating Reiterated by Scotiabank
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB)‘s stock had its “outperform” rating reiterated by research analysts at Scotiabank in a report released on Thursday. They presently have a $13.50 price target on the stock. Scotiabank’s price objective points to a potential upside of 47.86% from the stock’s current price.
Other analysts also recently issued reports about the stock. TheStreet upgraded shares of BlackBerry Limited from a “d” rating to a “b-” rating in a report on Friday, June 23rd. Vetr downgraded shares of BlackBerry Limited from a “strong-buy” rating to a “buy” rating and set a $11.74 target price on the stock. in a report on Wednesday, May 31st. Zacks Investment Research upgraded shares of BlackBerry Limited from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Wednesday, June 28th. Morgan Stanley dropped their target price on shares of BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $7.50 target price (up from $7.00) on shares of BlackBerry Limited in a report on Monday, June 26th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $9.58.
Shares of BlackBerry Limited (NASDAQ BBRY) opened at 9.13 on Thursday. BlackBerry Limited has a 52-week low of $6.65 and a 52-week high of $11.74. The stock has a 50 day moving average of $9.05 and a 200 day moving average of $9.24. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 37.57 and a beta of 0.99. BlackBerry Limited also was the target of unusually large options trading activity on Wednesday. Stock traders bought 34,447 call options on the company. This represents an increase of 737% compared to the typical daily volume of 4,114 call options.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its earnings results on Friday, June 23rd. The company reported $0.02 EPS for the quarter, hitting analysts’ consensus estimates of $0.02. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. The business had revenue of $244.00 million for the quarter, compared to the consensus estimate of $262.80 million. The firm’s revenue was down 42.5% compared to the same quarter last year. On average, analysts predict that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
BlackBerry Limited announced that its board has approved a stock buyback program on Friday, June 23rd that allows the company to repurchase 31,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Hedge funds have recently bought and sold shares of the business. Creative Planning grew 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 acquiring an additional 1,900 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management bought a new stake in BlackBerry Limited in the second quarter worth approximately $123,000. American Asset Management Inc. bought a new stake in BlackBerry Limited in the second quarter worth approximately $123,000. Private Advisor Group LLC bought a new stake in BlackBerry Limited in the second quarter worth approximately $138,000. Finally, QCM Cayman Ltd. bought a new stake in BlackBerry Limited in the second quarter worth approximately $154,000. 63.32% of the stock is owned by institutional investors.
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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