BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) was the recipient of a large drop in short interest during the month of July. As of July 14th, there was short interest totalling 43,188,753 shares, a drop of 3.9% from the June 30th total of 44,923,014 shares. Based on an average daily trading volume, of 3,802,381 shares, the short-interest ratio is currently 11.4 days. Currently, 8.3% of the company’s stock are sold short.
A number of hedge funds have recently made changes to their positions in BBRY. Kornitzer Capital Management Inc. KS acquired a new stake in shares of BlackBerry Limited during the second quarter worth approximately $18,807,000. Janney Montgomery Scott LLC raised its position in BlackBerry Limited by 130.0% in the second quarter. Janney Montgomery Scott LLC now owns 30,839 shares of the company’s stock worth $308,000 after buying an additional 17,430 shares during the last quarter. Beck Mack & Oliver LLC raised its position in BlackBerry Limited by 13,461.0% in the second quarter. Beck Mack & Oliver LLC now owns 1,844,300 shares of the company’s stock worth $18,425,000 after buying an additional 1,830,700 shares during the last quarter. Russell Investments Group Ltd. raised its position in BlackBerry Limited by 144.8% in the second quarter. Russell Investments Group Ltd. now owns 42,600 shares of the company’s stock worth $425,000 after buying an additional 25,200 shares during the last quarter. Finally, Greylin Investment Mangement Inc. raised its position in BlackBerry Limited by 34.6% in the second quarter. Greylin Investment Mangement Inc. now owns 67,695 shares of the company’s stock worth $676,000 after buying an additional 17,420 shares during the last quarter. 62.48% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have commented on the stock. BidaskClub lowered shares of BlackBerry Limited from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. William Blair reiterated a “market perform” rating on shares of BlackBerry Limited in a research note on Tuesday, July 4th. TheStreet lowered shares of BlackBerry Limited from a “b-” rating to a “c+” rating in a research note on Monday, July 17th. Wells Fargo & Company reiterated a “market perform” rating and issued a $9.00 price objective (up previously from $8.50) on shares of BlackBerry Limited in a research note on Monday, June 26th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $10.00 price objective (up previously from $9.00) on shares of BlackBerry Limited in a research note on Monday, June 26th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $9.32.
BlackBerry Limited (NASDAQ BBRY) opened at 9.72 on Monday. BlackBerry Limited has a one year low of $6.65 and a one year high of $11.74. The company has a market capitalization of $5.16 billion, a P/E ratio of 40.00 and a beta of 0.99. The firm has a 50-day moving average of $10.17 and a 200 day moving average of $8.73.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last announced its earnings results on Friday, June 23rd. The company reported $0.02 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.02. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. The business had revenue of $244 million during the quarter, compared to analysts’ expectations of $262.80 million. The firm’s quarterly revenue was down 42.5% on a year-over-year basis. On average, equities analysts forecast that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
About BlackBerry Limited
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of 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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