BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 42,357,117 shares, an increase of 9.9% from the August 15th total of 38,543,592 shares. Based on an average trading volume of 3,539,773 shares, the short-interest ratio is currently 12.0 days. Currently, 8.1% of the shares of the stock are short sold.
Shares of BlackBerry Limited (NASDAQ:BBRY) opened at 9.27 on Friday. BlackBerry Limited has a 1-year low of $6.65 and a 1-year high of $11.74. The stock has a 50 day moving average of $9.07 and a 200-day moving average of $9.17. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of 38.15 and a beta of 0.99.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last issued its earnings results on Friday, June 23rd. The company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. The company had revenue of $244.00 million for the quarter, compared to the consensus estimate of $262.80 million. BlackBerry Limited’s revenue was down 42.5% on a year-over-year basis. Analysts forecast that BlackBerry Limited will post $0.04 earnings per share for the current year.
BlackBerry Limited declared that its Board of Directors has approved a stock repurchase program on Friday, June 23rd that permits the company to repurchase 31,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have recently weighed in on the stock. Raymond James Financial, Inc. downgraded shares of BlackBerry Limited from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $9.50 to $11.00 in a report on Monday, May 29th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $9.50 price objective on shares of BlackBerry Limited in a research report on Monday, June 26th. BidaskClub cut shares of BlackBerry Limited from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating on shares of BlackBerry Limited in a research report on Sunday, August 13th. Finally, William Blair reiterated a “market perform” rating on shares of BlackBerry Limited in a research report on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. BlackBerry Limited currently has an average rating of “Hold” and a consensus price target of $9.56.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning increased its stake in shares of BlackBerry Limited by 18.6% in the second quarter. Creative Planning now owns 12,122 shares of the company’s stock worth $121,000 after buying an additional 1,900 shares during the period. B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of BlackBerry Limited in the second quarter worth $123,000. American Asset Management Inc. purchased a new position in shares of BlackBerry Limited in the second quarter worth $123,000. Private Advisor Group LLC purchased a new position in shares of BlackBerry Limited in the second quarter worth $138,000. Finally, QCM Cayman Ltd. purchased a new position in shares of BlackBerry Limited in the second quarter worth $154,000. 63.36% of the stock is currently owned by institutional investors.
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About BlackBerry Limited
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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