BlackBerry (NYSE:BB) Shares Gap Up After Strong Earnings (2024)

BlackBerry Limited (NYSE:BB - Get Free Report)'s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $2.21, but opened at $2.30. BlackBerry shares last traded at $2.46, with a volume of 3,847,470 shares.

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The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative return on equity of 0.24% and a negative net margin of 15.24%. The business had revenue of $144.00 million for the quarter, compared to analysts' expectations of $132.05 million. During the same quarter in the previous year, the business posted $0.04 EPS. BlackBerry's revenue for the quarter was down 61.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

BB has been the topic of a number of research analyst reports. TD Securities dropped their price objective on shares of BlackBerry from $3.00 to $2.75 and set a "hold" rating on the stock in a report on Thursday. Robert W. Baird dropped their price target on BlackBerry from $3.50 to $3.00 and set a "neutral" rating on the stock in a research note on Thursday. Canaccord Genuity Group reduced their price objective on BlackBerry from $3.25 to $2.70 and set a "hold" rating for the company in a research report on Thursday. CIBC upgraded BlackBerry from a "neutral" rating to a "sector outperform" rating in a report on Thursday. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $3.00 target price on shares of BlackBerry in a research note on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, BlackBerry has an average rating of "Hold" and a consensus price target of $3.45.

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Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Highlander Capital Management LLC raised its holdings in shares of BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company's stock valued at $28,000 after purchasing an additional 3,500 shares during the period. Headlands Technologies LLC bought a new stake in BlackBerry in the fourth quarter valued at approximately $58,000. Oxford Asset Management LLP acquired a new stake in shares of BlackBerry in the fourth quarter valued at approximately $60,000. Private Advisor Group LLC boosted its stake in shares of BlackBerry by 28.4% during the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company's stock worth $90,000 after acquiring an additional 5,645 shares during the period. Finally, Breakwater Capital Group acquired a new position in shares of BlackBerry during the 4th quarter worth approximately $107,000. 54.48% of the stock is currently owned by institutional investors.

BlackBerry Stock Performance

The stock has a market capitalization of $1.45 billion, a P/E ratio of -10.21 and a beta of 1.37. The stock's 50-day simple moving average is $2.76 and its 200 day simple moving average is $2.97. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43.

About BlackBerry

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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.

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