BlackBerry (NYSE:BB) Issues Earnings Results, Beats Expectations By $0.06 EPS

BlackBerry (NYSE:BB) posted its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06, RTT News reports. BlackBerry had a negative return on equity of 0.24% and a negative net margin of 15.24%. The business had revenue of $173.00 million for the quarter, compared to the consensus estimate of $150.47 million. During the same period in the prior year, the business earned ($0.04) EPS. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis.

BlackBerry Trading Up 2.7 %

BB opened at $2.89 on Friday. The company’s 50-day moving average price is $2.76 and its two-hundred day moving average price is $3.44. BlackBerry has a twelve month low of $2.46 and a twelve month high of $5.75.

Insider Buying and Selling

In other BlackBerry news, CFO Steve Rai sold 20,047 shares of the firm’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $3.25, for a total value of $65,152.75. Following the completion of the sale, the chief financial officer now directly owns 84,599 shares of the company’s stock, valued at $274,946.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Steve Rai sold 20,047 shares of the company’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $3.25, for a total transaction of $65,152.75. Following the sale, the chief financial officer now directly owns 84,599 shares in the company, valued at $274,946.75. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Philip G. Brace bought 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average cost of $2.79 per share, for a total transaction of $97,650.00. Following the acquisition, the director now directly owns 35,000 shares in the company, valued at approximately $97,650. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 44,090 shares of company stock valued at $142,812. 1.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackBerry

Several institutional investors and hedge funds have recently made changes to their positions in BB. Tower Research Capital LLC TRC increased its stake in BlackBerry by 470.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,019 shares of the company’s stock worth $43,000 after purchasing an additional 7,437 shares during the period. Lazard Asset Management LLC purchased a new stake in BlackBerry in the second quarter worth $55,000. Atria Wealth Solutions Inc. bought a new stake in BlackBerry in the first quarter valued at $76,000. Creative Planning bought a new stake in BlackBerry in the fourth quarter valued at $37,000. Finally, Virtu Financial LLC purchased a new position in BlackBerry during the 4th quarter valued at $36,000. Institutional investors own 54.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BB. TD Securities lowered their target price on BlackBerry from $4.00 to $3.75 and set a “hold” rating on the stock in a research report on Thursday, December 21st. Canaccord Genuity Group lowered their price objective on BlackBerry from $5.00 to $4.25 and set a “hold” rating for the company in a research note on Thursday, December 21st. Robert W. Baird decreased their price target on BlackBerry from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, February 14th. CIBC dropped their price objective on BlackBerry from $4.25 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a report on Thursday. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.08.

About BlackBerry

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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.