Goldman Sachs Group Inc. Reaffirms “Sell” Rating for BlackBerry Ltd. (BBRY)
BlackBerry Ltd. (NASDAQ:BBRY)‘s stock had its “sell” rating reissued by analysts at Goldman Sachs Group Inc. in a report issued on Thursday. They currently have a $6.00 target price on the smartphone producer’s stock. Goldman Sachs Group Inc.’s price target suggests a potential downside of 27.97% from the stock’s previous close.
Several other brokerages have also issued reports on BBRY. Credit Suisse Group AG reiterated an “underperform” rating and set a $6.00 price target on shares of BlackBerry in a report on Thursday. Wells Fargo & Co. reiterated a “positive” rating and set a $7.62 price target on shares of BlackBerry in a report on Tuesday, August 30th. Imperial Capital reiterated an “in-line” rating and set a $7.00 price target on shares of BlackBerry in a report on Tuesday, June 28th. Zacks Investment Research lowered BlackBerry from a “buy” rating to a “hold” rating in a report on Monday, June 6th. Finally, Raymond James Financial Inc. upgraded BlackBerry from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $8.00 to $10.50 in a report on Friday, August 12th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $7.70.
BlackBerry (NASDAQ:BBRY) opened at 8.33 on Thursday. The firm’s market capitalization is $4.36 billion. The stock has a 50 day moving average of $7.79 and a 200-day moving average of $7.30. BlackBerry has a one year low of $6.03 and a one year high of $9.46.
BlackBerry (NASDAQ:BBRY) last announced its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The firm earned $352 million during the quarter, compared to analyst estimates of $393.75 million. BlackBerry had a negative return on equity of 4.49% and a negative net margin of 49.74%. The business’s quarterly revenue was down 28.2% compared to the same quarter last year. During the same period last year, the company posted ($0.13) EPS. On average, equities analysts predict that BlackBerry will post ($0.15) EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. raised its position in BlackBerry by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 33,078 shares of the smartphone producer’s stock worth $222,000 after buying an additional 1,147 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in BlackBerry by 3.0% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 67,596 shares of the smartphone producer’s stock worth $545,000 after buying an additional 1,959 shares in the last quarter. World Asset Management Inc raised its position in BlackBerry by 7.8% in the second quarter. World Asset Management Inc now owns 32,372 shares of the smartphone producer’s stock worth $217,000 after buying an additional 2,330 shares in the last quarter. Andra AP fonden raised its position in BlackBerry by 2.5% in the second quarter. Andra AP fonden now owns 130,500 shares of the smartphone producer’s stock worth $1,131,000 after buying an additional 3,200 shares in the last quarter. Finally, Clinton Group Inc. raised its position in BlackBerry by 13.2% in the second quarter. Clinton Group Inc. now owns 54,992 shares of the smartphone producer’s stock worth $369,000 after buying an additional 6,417 shares in the last quarter. 57.99% of the stock is currently owned by institutional investors.
BlackBerry Company Profile
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.
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