Shares of BlackBerry Ltd (NASDAQ:BBRY) are trading significantly higher this afternoon as the company has announced that they have entered the semiautonomous car space. BlackBerry’s (NASDAQ:BBRY) QNX Software Systems has partnered with Luxoft Holding (NYSE:LXFT) to use their automotive systems with Luxoft’s sophisticated computer vision algorithms. This could be a major move for the troubled unit of Blackberry, as autonomous vehicles will be a multi-billion dollar market over the next several years. QNX’s technology is already in use in over 60 million vehicles woldwide.
The stock is currently trading higher by 4.76% or $0.36 following the positive news, hitting $7.93 per share at the time of us publishing this article. About 3.71 million shares traded hands. BBRY has declined 25.78% since May 12, 2015 and is downtrending. It has underperformed the S&P500 by 22.11%.
From a total of 13 analysts covering Blackberry (NASDAQ:BBRY) stock, 0 rate it a “Buy”, 2 a “Sell”, and 11 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $8 while the lowest target price is $6. The mean of all analyst targets is $7.28 which is -8.20% below today’s ($7.93) stock price. Blackberry was the topic of 17 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on December 14 with a “Sector Perform” rating. Canaccord Genuity maintained shares with a”Hold” rating and a $8 target share price in their report from a September 21. Imperial Capital maintained BBRY stock in a recent report from September 29 with a “In-Line” rating. Morgan Stanley upgraded the rating on July 28. Morgan Stanley has a “Equal Weight” rating and a $7 price target on shares. Finally, UBS maintained the stock with a “Neutral” rating in a report they issued on a September 28.
BlackBerry Limited is a well-known provider of mobile communications and services. The company has a market cap of $4.04 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It currently has negative earnings. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.