Hamblin Watsa Investment Counsel recently announced the acquisition of new stake in BlackBerry Ltd (NYSE:BB). The institutional investor has increased its shareholding in the Technology company by 53.78% to 71.85 million shares with purchase of 25.13 million shares. This fresh investment now brings its stake to 12.31% valued currently at $263.7 million. In addition, First Trust Advisors LP raised its holdings by 18.54 million to 19.88 million shares. And The Vanguard Group, Inc. has lifted its position by 2.71% or 0.36 million shares – to 13.77 million shares.
With over 6.69 million BlackBerry Ltd (BB) shares trading Tuesday and a closing price of $3.43 on the day, the dollar volume was approximately $22.93 million. The shares have shown a negative half year performance of -34.54% and its price on 01/02/24 lost nearly -3.11%. Currently, there are 582.16M common shares owned by the public and among those 575.29M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for BB have a consensus price objective of $7.25. The analysts have set the share’s price value over the next 12 months at a high of $15.09 and a low of $4.99. The average price target is 36.48% above its recent price level and an upside to the estimated low will see the stock gain 31.26% over that period. But an upside of 77.27% will see the stock hit the forecast high price target while median target price for the stock is $6.41.
Insiders at the company have transacted a total of 57 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 2,655,795 shares. Insider sales of the common stock occurred on 25 occasions, with total insider shares sold totaling 1,342,517 shares.
The top 3 mutual fund holders in BlackBerry Ltd are Legal & General UCITS ETF PLC – C, First Trust NASDAQ Cybersecurity, and Government Pension Fund – Global. Legal & General UCITS ETF PLC – C owns 22.85 million shares of the company’s stock, all valued at over $83.85 million. Government Pension Fund – Global bought 8.52 million shares to bring its total holdings to over 11.79 million shares at a value of $43.26 million. Government Pension Fund – Global now owns shares totaling to 2.02% of the shares outstanding.
Shares of BlackBerry Ltd (NYSE: BB) opened at $3.50, down -$0.04 from a prior closing price of $3.54. However, the script later moved the day high at 3.5100, down -3.11%. The company’s stock has a 5-day price change of -3.92% and -22.05% over the past three months. BB shares are trading -3.11% year to date (YTD), with the 12-month market performance up to 5.21% higher. It has a 12-month low price of $3.18 and touched a high of $5.75 over the same period. BB has an average intraday trading volume of 5.35 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 -12.87%, -8.33%, and -23.15% respectively.
Institutional ownership of BlackBerry Ltd (NYSE: BB) shares accounts for 53.29% of the company’s 582.16M shares outstanding. Mutual fund holders own 22.53%, while other institutional holders and individual stakeholders account for 31.79% and 1.79% respectively.
It has a market capitalization of $2.01B and a beta (3y monthly) value of 1.46. The earnings-per-share (ttm) stands at -$0.99. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.07% over the week and 4.48% over the month.
Analysts forecast that BlackBerry Ltd (BB) will achieve an EPS of -$0.03 for the current quarter, -$0.02 for the next quarter and -$0.03 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.04 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to increase by 85.71%, and -166.67% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate BlackBerry Ltd (BB) as a “Moderate Buy” at a consensus score of 2.45. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 8 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BB, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Sector Perform rating for the stock in a research note on December 21, 2023, with the firm’s price target at $4.50-$4.
