BlackBerry (NYSE:BB) Trading Down 7.3% After Insider Selling

BlackBerry Limited (NYSE:BB)’s stock price was down 7.3% during trading on Tuesday following insider selling activity. The stock traded as low as $2.42 and last traded at $2.43. Approximately 8,709,543 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 9,084,528 shares. The stock had previously closed at $2.62.

Specifically, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the sale, the insider now owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

BB has been the topic of several research analyst reports. Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. TD Securities dropped their price target on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a research note on Thursday, June 27th. CIBC upgraded shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price objective for the company in a research report on Thursday, June 27th. Raymond James decreased their price objective on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a report on Friday, June 28th. Finally, Robert W. Baird cut their target price on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, BlackBerry has a consensus rating of “Hold” and a consensus price target of $3.20.

BlackBerry Stock Performance

The stock has a market capitalization of $1.43 billion, a PE ratio of -8.45 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43. The firm’s 50 day moving average is $2.36 and its two-hundred day moving average is $2.59.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $145.00 million during the quarter, compared to analysts’ expectations of $138.82 million. BlackBerry had a negative return on equity of 3.33% and a negative net margin of 21.66%. BlackBerry’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) EPS. As a group, research analysts predict that BlackBerry Limited will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On BlackBerry

Several large investors have recently bought and sold shares of the business. TD Asset Management Inc lifted its position in shares of BlackBerry by 1.6% during the 4th quarter. TD Asset Management Inc now owns 1,454,153 shares of the company’s stock worth $5,183,000 after buying an additional 22,830 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of BlackBerry by 12.9% in the 4th quarter. Scotia Capital Inc. now owns 73,400 shares of the company’s stock valued at $260,000 after purchasing an additional 8,378 shares during the last quarter. CIBC Asset Management Inc increased its position in BlackBerry by 3.8% during the fourth quarter. CIBC Asset Management Inc now owns 523,257 shares of the company’s stock worth $1,862,000 after buying an additional 19,331 shares during the period. First Trust Advisors LP lifted its stake in BlackBerry by 70.1% in the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after buying an additional 13,925,510 shares during the last quarter. Finally, Hawk Ridge Capital Management LP boosted its holdings in shares of BlackBerry by 39.8% in the fourth quarter. Hawk Ridge Capital Management LP now owns 6,326,400 shares of the company’s stock valued at $22,395,000 after acquiring an additional 1,800,800 shares during the period. 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.