BlackBerry (NYSE:BB) Sees Unusually-High Trading Volume – Here’s Why

BlackBerry Limited (NYSE:BB) saw unusually-strong trading volume on Monday . Approximately 49,357,121 shares traded hands during trading, an increase of 102% from the previous session’s volume of 24,431,664 shares.The stock last traded at $5.48 and had previously closed at $5.24.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird upped their price objective on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Friday, December 20th. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Canaccord Genuity Group boosted their target price on shares of BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.69.

BlackBerry Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -24.34 and a beta of 1.31. The firm’s fifty day moving average is $4.36 and its 200-day moving average is $3.11.

BlackBerry (NYSE:BB) last issued its quarterly earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $143.00 million for the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.01 earnings per share. On average, sell-side analysts predict that BlackBerry Limited will post -0.03 earnings per share for the current year.

Insider Transactions at BlackBerry

In related news, insider Mattias Eriksson sold 14,475 shares of BlackBerry stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $53,268.00. Following the sale, the insider now directly owns 238,838 shares in the company, valued at $878,923.84. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John Joseph Giamatteo sold 155,815 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total transaction of $573,399.20. Following the completion of the transaction, the chief executive officer now owns 385,552 shares of the company’s stock, valued at approximately $1,418,831.36. This trade represents a 28.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 244,221 shares of company stock worth $925,655. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of BlackBerry

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in shares of BlackBerry by 63.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after purchasing an additional 3,811 shares during the period. Quantinno Capital Management LP acquired a new position in shares of BlackBerry in the 3rd quarter valued at $38,000. Masso Torrence Wealth Management Inc. purchased a new position in BlackBerry in the 4th quarter worth about $38,000. Mindset Wealth Management LLC purchased a new stake in BlackBerry during the fourth quarter valued at about $38,000. Finally, Quadrant Capital Group LLC boosted its holdings in shares of BlackBerry by 100.3% in the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock worth $38,000 after buying an additional 5,008 shares during the period. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Company Profile

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.