BlackBerry (NYSE:BB) Reaches New 52-Week High – What’s Next?

Shares of BlackBerry Limited (NYSE:BB) hit a new 52-week high during trading on Tuesday . The company traded as high as $6.09 and last traded at $6.12, with a volume of 4462251 shares traded. The stock had previously closed at $5.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BB shares. Canaccord Genuity Group lifted their target price on shares of BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research note on Friday, December 20th. Royal Bank of Canada upped their target price on shares of BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research note on Friday, January 10th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. TD Securities upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Finally, TD Cowen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and upped their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.69.

BlackBerry Price Performance

The company has a market capitalization of $3.32 billion, a PE ratio of -25.34 and a beta of 1.31. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. The company’s 50-day simple moving average is $4.26 and its 200-day simple moving average is $3.06.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The company had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. During the same quarter last year, the business earned $0.01 EPS. The business’s revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that BlackBerry Limited will post -0.03 earnings per share for the current year.

Insider Activity at BlackBerry

In other BlackBerry news, insider Mattias Eriksson sold 12,680 shares of BlackBerry stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.00, for a total transaction of $50,720.00. Following the completion of the transaction, the insider now owns 278,306 shares in the company, valued at approximately $1,113,224. The trade was a 4.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John Joseph Giamatteo sold 155,815 shares of BlackBerry stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total transaction of $573,399.20. Following the sale, the chief executive officer now owns 385,552 shares of the company’s stock, valued at approximately $1,418,831.36. This trade represents a 28.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,221 shares of company stock worth $925,655 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

A number of institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its holdings in BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after purchasing an additional 3,811 shares during the period. Invesco Ltd. lifted its position in shares of BlackBerry by 3.8% during the fourth quarter. Invesco Ltd. now owns 115,116 shares of the company’s stock worth $435,000 after purchasing an additional 4,226 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of BlackBerry by 6.6% during the fourth quarter. Advisory Services Network LLC now owns 70,829 shares of the company’s stock worth $268,000 after purchasing an additional 4,375 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in BlackBerry by 100.3% in the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after acquiring an additional 5,008 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in BlackBerry by 2.4% in the fourth quarter. National Bank of Canada FI now owns 254,032 shares of the company’s stock valued at $967,000 after acquiring an additional 5,870 shares in the last quarter. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

BlackBerry Company Profile

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 CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.