BlackBerry Ltd. (BBRY) Issues Earnings Results
BlackBerry Ltd. (NASDAQ:BBRY) released its earnings results on Wednesday. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The company had revenue of $352 million for the quarter, compared to analyst estimates of $393.75 million. BlackBerry had a negative net margin of 49.74% and a negative return on equity of 4.49%. The firm’s quarterly revenue was down 28.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.13) EPS. BlackBerry updated its FY17 guidance to ($0.05)-0.00 EPS.
BlackBerry (NASDAQ:BBRY) opened at 8.33 on Thursday. The firm’s market capitalization is $4.36 billion. BlackBerry has a 12-month low of $6.03 and a 12-month high of $9.46. The company’s 50-day moving average price is $7.79 and its 200-day moving average price is $7.30.
A number of institutional investors have recently bought and sold shares of BBRY. Norges Bank acquired a new position in BlackBerry during the fourth quarter worth approximately $41,371,000. Commonwealth Equity Services Inc raised its position in shares of BlackBerry by 19.5% in the first quarter. Commonwealth Equity Services Inc now owns 42,279 shares of the smartphone producer’s stock valued at $342,000 after buying an additional 6,889 shares during the period. Virginia Retirement System purchased a new position in shares of BlackBerry during the first quarter valued at about $3,298,000. Exane Derivatives purchased a new position in shares of BlackBerry during the first quarter valued at about $221,000. Finally, Ruffer LLP raised its position in shares of BlackBerry by 50.0% in the first quarter. Ruffer LLP now owns 150,000 shares of the smartphone producer’s stock valued at $1,216,000 after buying an additional 50,000 shares during the period. 57.99% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on BBRY. Zacks Investment Research upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Tuesday, August 23rd. JPMorgan Chase & Co. increased their price objective on shares of BlackBerry from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, August 29th. TD Securities reiterated a “buy” rating and set a $9.00 price objective on shares of BlackBerry in a report on Monday, August 29th. Wells Fargo & Co. reiterated a “positive” rating and set a $7.62 price objective on shares of BlackBerry in a report on Tuesday, August 30th. Finally, Credit Suisse Group AG reiterated a “sell” rating and set a $6.00 price objective on shares of BlackBerry in a report on Friday, September 23rd. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $7.70.
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.
Receive News & Stock Ratings for BlackBerry Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackBerry Ltd. and related stocks with our FREE daily email newsletter.