Ontario Teachers’ Pension Plan Bo.. recently announced the acquisition of new stake in BlackBerry Limited (NYSE:BB). The institutional investor has increased its shareholding in the Technology company by 2.21% to 19.82 million shares with purchase of 0.43 million shares. This fresh investment now brings its stake to 3.57% valued currently at $93.95 million. In addition, Arrowstreet Capital LP raised its holdings by 8.69 million to 8.69 million shares. And Harris Associates LP has lifted its position by 7.38% or 0.49 million shares – to 7.2 million shares.
With over 6.65 million BlackBerry Limited (BB) shares trading Tuesday and a closing price of $5.58 on the day, the dollar volume was approximately $37.1 million. The shares have shown a positive weekly performance of 16.74% and its price on 09/01/20 gained nearly 6.90%. Currently, there are 557.84M common shares owned by the public and among those 548.14M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for BB have a consensus price objective of $6.90. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $4.50 should the stock experience a downside. Incidentally, analysts’ outlook for the BlackBerry Limited stock is 3.10 for the next 12 months. The average price target is 2.45% above its last price level and an upside to the estimated low will see the stock lose -24.0% over that period. But an upside of 72.1% will see the stock hit the forecast high price target while mean target price for the stock is $5.50.
Insiders at the company have transacted a total of 5 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 22,079 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 3,982 shares.
The top 3 mutual fund holders in BlackBerry Limited are PRIMECAP Odyssey Aggressive Growt, PRIMECAP Odyssey Growth Fund, and Vanguard PRIMECAP Fund. PRIMECAP Odyssey Aggressive Growt owns 21.28 million shares of the company’s stock, all valued at over $100.87 million. The company sold -0.65 million shares recently to bring their total holdings to about 3.83% of the shares outstanding. PRIMECAP Odyssey Growth Fund sold -2.26 million shares to see its total holdings shrink to 13.0 million shares valued at over $61.62 million and representing 2.34% of the shares outstanding. Vanguard PRIMECAP Fund now owns shares totaling to 1.89% of the shares outstanding.
Shares of BlackBerry Limited (NYSE: BB) opened at $5.25, up $0.03 from a prior closing price of $5.22. However, the script later closed the day at $5.58, up 6.90%. The company’s stock has a 5-day price change of 16.74% and 7.10% over the past three months. BB shares are trading -13.08% year to date (YTD), with the 12-month market performance down to -17.46% lower. It has a 12-month low price of $2.70 and touched a high of $7.76 over the same period. Currently, 6.65 million shares have been traded, compared to an average intraday trading volume of 4.31 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.32%, 15.47%, and 10.33% respectively.
Institutional ownership of BlackBerry Limited (NYSE: BB) shares accounts for 56.60% of the company’s 557.84M shares outstanding. Mutual fund holders own 21.49%, while other institutional holders and individual stakeholders account for 28.53% and 1.38% respectively.
It has a market capitalization of $2.98B and a beta (3y monthly) value of 1.51. The earnings-per-share (ttm) stands at -$1.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.38% over the week and 3.59% over the month.
Analysts forecast that BlackBerry Limited (BB) will achieve an EPS of $0.02 for the current quarter, $0 for the next quarter and $0.13 for 2022. The lowest estimate earnings-per-share for the quarter is $0.01 while analysts give the company a high EPS estimate of $0.03. Comparatively, EPS for the current quarter was $0 a year ago. Earnings per share for the fiscal year are expected to decrease by -281.90%, and 88.73% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate BlackBerry Limited (BB) as a “Hold” at a consensus score of 3.10. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 9 of the 12 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the BB, a number of firms have released research notes about the stock. TD Securities stated their Hold rating for the stock in a research note on April 01, 2020, with the firm’s price target at. BofA/Merrill coverage for the BlackBerry Limited (BB) stock in a research note released on November 04, 2019 offered a Neutral rating with a price target of. TD Securities was of a view on September 25, 2019 that the stock is Buy, while RBC Capital Mkts gave the stock Sector Perform rating on September 25, 2019, issuing a price target of $9- $7.50. Morgan Stanley on their part issued Equal-Weight rating on September 25, 2019.