BlackBerry Ltd (BB) Short Interest Down 11.4% in November

BlackBerry Ltd (NYSE:BB) saw a large decline in short interest in November. As of November 15th, there was short interest totalling 30,892,490 shares, a decline of 11.4% from the October 31st total of 34,885,377 shares. Based on an average daily trading volume, of 3,543,346 shares, the short-interest ratio is currently 8.7 days.

Shares of BlackBerry stock opened at $8.41 on Thursday. The company has a market cap of $4.75 billion, a PE ratio of 168.20 and a beta of 1.80. BlackBerry has a 1-year low of $8.23 and a 1-year high of $14.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 6.43 and a current ratio of 6.43.

BlackBerry (NYSE:BB) last issued its earnings results on Friday, September 28th. The company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The business had revenue of $214.00 million for the quarter, compared to analysts’ expectations of $209.41 million. BlackBerry had a positive return on equity of 0.61% and a negative net margin of 34.24%. The business’s revenue for the quarter was down 14.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.05 EPS.

Several equities research analysts have commented on BB shares. Zacks Investment Research lowered BlackBerry from a “strong-buy” rating to a “hold” rating in a research note on Monday. Raymond James boosted their price objective on BlackBerry from $11.00 to $11.50 and gave the stock a “market perform” rating in a research note on Monday, October 1st. Canaccord Genuity reiterated a “hold” rating on shares of BlackBerry in a research note on Friday, November 16th. Finally, CIBC upgraded BlackBerry from a “neutral” rating to an “outperform” rating and set a $14.00 price objective for the company in a research note on Monday, November 19th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $12.13.

Several institutional investors have recently modified their holdings of the company. Primecap Management Co. CA acquired a new position in BlackBerry in the third quarter valued at approximately $839,034,000. Iridian Asset Management LLC CT acquired a new position in BlackBerry in the third quarter valued at approximately $151,316,000. Vanguard Group Inc. acquired a new position in BlackBerry in the third quarter valued at approximately $142,508,000. Ontario Teachers Pension Plan Board acquired a new position in BlackBerry in the third quarter valued at approximately $90,990,000. Finally, Mackenzie Financial Corp acquired a new position in BlackBerry in the third quarter valued at approximately $72,272,000. Institutional investors and hedge funds own 53.72% of the company’s stock.

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About BlackBerry

BlackBerry Limited operates as an enterprise software and services company focused on securing and managing endpoints in the Internet of Things. It offers BlackBerry Enterprise Mobility Suite, which combines and integrates mobile security, management, productivity, and collaboration solutions, such as BlackBerry UEM, BlackBerry Dynamics, and BlackBerry Workspaces; BlackBerry AtHoc, a secure and networked crisis communications solution; SecuSUITE for Government, a voice encryption software solution; BlackBerry Enterprise Consulting and BlackBerry Cybersecurity Consulting; and BBM Enterprise, an enterprise-grade secure instant messaging solution, as well as Communications Platform as a Service.

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