BlackBerry Ltd. (BBRY) Cut to Buy at Vetr Inc.
BlackBerry Ltd. (NASDAQ:BBRY) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Monday. They currently have a $8.48 price target on the smartphone producer’s stock. Vetr‘s price objective points to a potential upside of 6.27% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and set a $7.50 price objective on the stock in a report on Tuesday, July 19th. TD Securities reiterated a “buy” rating and issued a $9.00 price objective on shares of BlackBerry in a report on Monday, August 29th. Wells Fargo & Co. reiterated a “cautious” rating and issued a $7.63 price objective (up from $7.63) on shares of BlackBerry in a report on Monday, September 26th. They noted that the move was a valuation call. Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 price objective on shares of BlackBerry in a report on Thursday. Finally, MKM Partners reiterated a “hold” rating on shares of BlackBerry in a report on Sunday, June 26th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $7.92.
Shares of BlackBerry (NASDAQ:BBRY) opened at 7.98 on Monday. BlackBerry has a 12 month low of $6.23 and a 12 month high of $9.46. The firm’s market cap is $4.17 billion. The company’s 50 day moving average is $7.80 and its 200-day moving average is $7.30.
BlackBerry (NASDAQ:BBRY) last released its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The firm had revenue of $352 million for the quarter. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. BlackBerry’s revenue for the quarter was down 28.2% on a year-over-year basis. Equities research analysts predict that BlackBerry will post ($0.03) EPS for the current year.
Several institutional investors have recently bought and sold shares of BBRY. Water Island Capital LLC boosted its position in BlackBerry by 106.3% in the second quarter. Water Island Capital LLC now owns 16,500 shares of the smartphone producer’s stock worth $111,000 after buying an additional 8,500 shares during the last quarter. IFP Advisors Inc boosted its position in shares of BlackBerry by 83.9% in the second quarter. IFP Advisors Inc now owns 20,490 shares of the smartphone producer’s stock worth $137,000 after buying an additional 9,350 shares in the last quarter. World Asset Management Inc boosted its position in shares of 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. Ameriprise Financial Inc. boosted its position in shares of 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. Finally, Exane Derivatives boosted its position in shares of BlackBerry by 29.2% in the second quarter. Exane Derivatives now owns 35,250 shares of the smartphone producer’s stock worth $236,000 after buying an additional 7,957 shares in the last quarter. Hedge funds and other institutional investors own 57.99% of the company’s stock.
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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