Although shares of BlackBerry Ltd (NASDAQ:BBRY) have had a relatively negative year, the last couple of weeks seem to be brightening up for shareholders as the year comes to an end. The stock is up over 25% in the last two weeks as several tidbits of good news seem to be fueling a year-end rally for the stock.
As the company’s latest smartphone the BlackBerry (NASDAQ:BBRY) Priv receives excellent reviews, and an exciting Consumer Electronic Show will garner even more attention for the company at the start of 2016, there is even talk of Blackberry working with Google and Ford on a possible self-driving electric car. Although shares are not nearly as high as they were at the beginning of the year, they are up considerably from their $5.96, 52-week lows. We will be watching the stock carefully through the remainder of this week.
The stock is up 3.53% or $0.32 following the news, hitting $9.42 per share. About 3.29M shares traded hands. BBRY has declined 13.17% since May 22, 2015 and is downtrending. It has underperformed the S&P500 by 10.11%.
From a total of 14 analysts covering Blackberry (NASDAQ:BBRY) stock, 0 rate it a “Buy”, 2 a “Sell”, and 12 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $9 while the lowest target price is $6. The mean of all analyst targets is $7.63 which is -19.00% below today’s ($9.42) stock price. Blackberry was the topic of 21 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. Imperial Capital maintained shares on December 22 with a “In-Line” rating. Canaccord Genuity maintained shares with a”Hold” rating and a $8 target share price in their report from a September 21. RBC Capital Markets maintained BBRY stock in a recent report from December 21 with a “Sector Perform” rating. Morgan Stanley upgraded the rating on July 28. Morgan Stanley has a “Equal Weight” rating and a $7 price target on shares. Finally, Sterne Agee CRT initiated the stock with a “Neutral” rating in a report they issued on a September 29.
BlackBerry Limited is a well-known provider of mobile communications and services. The company has a market cap of $4.88 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It has 153.69 P/E ratio. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.