BlackBerry’s (BBRY) Neutral Rating Reiterated at MKM Partners
BlackBerry Ltd. (NASDAQ:BBRY)‘s stock had its “neutral” rating reaffirmed by equities researchers at MKM Partners in a research note issued on Sunday. They currently have a $8.00 price objective on the smartphone producer’s stock, up from their prior price objective of $7.50. MKM Partners’ target price suggests a potential upside of 0.25% from the stock’s previous close.
Several other research firms have also issued reports on BBRY. Goldman Sachs Group Inc. reiterated a “sell” rating and set a $6.00 price target on shares of BlackBerry in a research report on Thursday. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price objective on shares of BlackBerry in a research note on Thursday. Royal Bank Of Canada increased their price objective on shares of BlackBerry from $7.00 to $7.50 and gave the company a “sector perform” rating in a research note on Thursday. Macquarie raised shares of BlackBerry from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $7.00 to $9.00 in a research note on Thursday. Finally, Credit Suisse Group AG reissued an “underperform” rating and issued a $6.00 price objective on shares of BlackBerry in a research note on Thursday. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the company’s stock. BlackBerry presently has an average rating of “Hold” and an average price target of $7.92.
BlackBerry (NASDAQ:BBRY) opened at 7.98 on Friday. BlackBerry has a one year low of $6.23 and a one year high of $9.46. The firm’s market cap is $4.17 billion. The stock has a 50 day moving average of $7.80 and a 200 day moving average of $7.30.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business had revenue of $352 million for the quarter. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The business’s revenue was down 28.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.13) EPS. Equities research analysts predict that BlackBerry will post ($0.03) EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the company. Bank of Montreal Can bought a new stake in shares of BlackBerry during the second quarter valued at approximately $32,778,000. Societe Generale bought a new stake in shares of BlackBerry during the second quarter valued at approximately $2,013,000. Virginia Retirement System bought a new stake in shares of BlackBerry during the first quarter valued at approximately $3,298,000. GMT Capital Corp bought a new stake in shares of BlackBerry during the second quarter valued at approximately $393,000. Finally, Greylin Investment Mangement Inc. raised its stake in shares of BlackBerry by 137.9% in the second quarter. Greylin Investment Mangement Inc. now owns 86,300 shares of the smartphone producer’s stock valued at $579,000 after buying an additional 50,025 shares in the last quarter. 57.99% of the stock is currently owned by institutional investors and hedge funds.
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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