Although the overall market is in the midst of a massive selloff this week, today’s trading for shares of BlackBerry Ltd (NASDAQ:BBRY) are perplexing many investors and traders alike. While the Dow is down close to 2% today on Chinese concerns, shares of BlackBerry Ltd (NASDAQ:BBRY) have plunged as much as 10% before bouncing back slighly only a few minutes ago.
The stock is down over 17% over the last eight trading days after a rally that lasted much of December. Whille the company has seen a boatload of good news over the last two to three weeks, most of the gains realized as a consequence of this news have vanished in only a few days. The worse part for investors is that the cause of this recent move is not rooted in the company but rather global economic worries, which many analysts believe are already overdone. The stock is down 8.18% or $0.72 following the news, hitting $8.02 per share. About 8.82 million shares traded hands or 3.64% up from the average. BBRY has declined 9.99% since June 3, 2015 and is downtrending. It has underperformed the S&P500 by 5.30%.
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 -4.86% below today’s ($8.02) 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 $4.46 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It has 130.91 P/E ratio. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.