BlackBerry (NYSE:BB) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

BlackBerry Price Performance

NYSE:BB opened at $2.89 on Friday. BlackBerry has a fifty-two week low of $2.46 and a fifty-two week high of $5.75. The business has a 50 day moving average price of $2.76 and a 200-day moving average price of $3.44.

Insider Activity

In other BlackBerry news, Director Philip G. Brace purchased 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average price of $2.79 per share, with a total value of $97,650.00. Following the completion of the purchase, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $97,650. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other BlackBerry news, Director Philip G. Brace purchased 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average price of $2.79 per share, with a total value of $97,650.00. Following the completion of the purchase, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $97,650. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 approximately $274,946.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,090 shares of company stock valued at $142,812. 1.94% of the stock is currently owned by company insiders.

Institutional Trading of BlackBerry

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in BlackBerry by 470.1% during the third quarter. Tower Research Capital LLC TRC now owns 9,019 shares of the company’s stock valued at $43,000 after buying an additional 7,437 shares during the period. Lazard Asset Management LLC purchased a new position in BlackBerry during the second quarter valued at $55,000. Atria Wealth Solutions Inc. purchased a new position in BlackBerry during the first quarter valued at $76,000. Creative Planning purchased a new position in BlackBerry during the fourth quarter valued at $37,000. Finally, Virtu Financial LLC purchased a new position in BlackBerry during the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 54.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. CIBC reduced their price target on shares of BlackBerry from $4.25 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Raymond James reduced their price target on shares of BlackBerry from $7.00 to $6.50 and set a “market perform” rating on the stock in a research report on Thursday, December 21st. TD Securities reduced their price target on shares of BlackBerry from $4.00 to $3.75 and set a “hold” rating on the stock in a research report on Thursday, December 21st. Robert W. Baird reduced their price target on shares of BlackBerry from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Finally, Canaccord Genuity Group reduced their price target on shares of BlackBerry from $5.00 to $4.25 and set a “hold” rating on the stock in a research report on Thursday, December 21st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, BlackBerry presently has an average rating of “Hold” and a consensus target price 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.