BlackBerry (NYSE:BB) Trading Down 10.9% - What's Next?

BlackBerry Limited (NYSE:BB - Get Free Report) shares dropped 10.9% during trading on Tuesday . The company traded as low as $4.83 and last traded at $4.78. Approximately 18,222,738 shares traded hands during trading, a decline of 26% from the average daily volume of 24,535,834 shares. The stock had previously closed at $5.36.

Analyst Ratings Changes

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

BlackBerry Price Performance

The stock has a market cap of $2.61 billion, a P/E ratio of -19.91 and a beta of 1.31. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. The business's 50-day simple moving average is $4.54 and its two-hundred day simple moving average is $3.21.

BlackBerry (NYSE:BB - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $144.84 million. During the same period last year, the firm earned $0.01 EPS. BlackBerry's revenue for the quarter was down 5.9% on a year-over-year basis. Sell-side analysts expect that BlackBerry Limited will post -0.03 EPS for the current year.

Insider Activity

In related news, CEO John Joseph Giamatteo sold 155,815 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total transaction of $573,399.20. Following the completion of the transaction, the chief executive officer now owns 385,552 shares of the company's stock, valued at approximately $1,418,831.36. The trade was a 28.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mattias Eriksson sold 12,680 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $50,720.00. Following the completion of the sale, the insider now owns 278,306 shares in the company, valued at $1,113,224. This represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 244,221 shares of company stock worth $925,655. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of BlackBerry

Several institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc grew its holdings in shares of BlackBerry by 19.9% during the fourth quarter. Legal & General Group Plc now owns 33,185,748 shares of the company's stock worth $125,987,000 after purchasing an additional 5,518,216 shares in the last quarter. Vanguard Group Inc. lifted its position in BlackBerry by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,865,831 shares of the company's stock valued at $86,844,000 after purchasing an additional 364,569 shares during the last quarter. Hood River Capital Management LLC purchased a new position in BlackBerry in the 4th quarter worth approximately $53,267,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of BlackBerry by 41.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company's stock worth $51,856,000 after buying an additional 4,039,483 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of BlackBerry by 13.9% during the 4th quarter. First Trust Advisors LP now owns 12,755,972 shares of the company's stock valued at $48,218,000 after buying an additional 1,558,904 shares in the last quarter. Hedge funds and other institutional investors own 54.48% of the company's stock.

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 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.