BlackBerry up nearly 11% after report says it's a likely acquisition target

The firm earned "Outperform" rating on Friday, June 3 by Hovde Group. Deutsche Bank maintained the shares of BBRY in report on Monday, April 4 with "Hold" rating. RBC Capital Markets maintained it with "Sector Perform" rating and $8 target in Monday, September 28 report. On Thursday, April 7 the stock rating was maintained by Citigroup with "Sell". Raymond James upgraded BlackBerry Ltd (NASDAQ:BBRY) rating on Friday, August 12. On Thursday, the former smartphone maker's shares on the USA exchange were trading at US$11.61. The stock decreased 0.38% or $0.04 during the last trading session, reaching $10.57. BlackBerry Ltd has a 12-month low of $6.23 and a 12-month high of $11.55. Citron compared BlackBerry with Nvidia (NASDAQ: NVDA) noting that the two companies are participating in markets with plenty of growth potential. The company has a 50-day moving average price of $9.70 and a 200 day moving average price of $7.89. BlackBerry also saw some unusual options trading activity on Tuesday. Traders bought 4,312 call options on the company. This is an increase of 256% compared to the average daily volume of 1,212 call options.

BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results on Friday, March 31st. BlackBerry had a negative net margin of 93.19% and a negative return on equity of 3.62%. The business had revenue of $297 million during the quarter, compared to the consensus estimate of $288.45 million. During the same period a year ago, the business posted ($0.03) EPS.

Citron was first to accuse Valeant Pharmaceuticals International Inc (VRX.TO) of inflating its revenues via a related pharmacy channel in 2015, prompting that company to overhaul its business model. The current consensus recommendation provided by covering analysts is 2.90.

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Several institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new stake in BlackBerry during the fourth quarter valued at $523,000. The Group One Trading Lp holds 2.21M shares with $15.25 million value, up from 1.81 million last quarter. UBS Asset Management Americas Inc. now owns 1,492,699 shares of the smartphone producer's stock valued at $10,284,000 after buying an additional 109,818 shares during the period.

A man touches the new BlackBerry KEYone before the Mobile World Congress in Barcelona, Spain, Saturday, Feb. 25, 2017. The Company is engaged in the sale of smartphones and enterprise software and services. That makes BlackBerry an attractive target for any big technology company that doesn't have an autonomous driving play and feels "remorse" for missing the trend, including Microsoft Corp., he said.

Similarly, BlackBerry is out of phone handsets and focused on security software.

  • Zachary Reyes