BlackBerry Ltd (BBRY) Shares Up Big on Rates and Earnings Anticipation


BlackBerry Ltd (NASDAQ:BBRY) shares are up big today in late afternoon trading as investors look towards both internal and external influences. The Federal Reserve raised rates today a quarter of a point, meaning that the cash-heavy balance sheet of BlackBerry Ltd (NASDAQ:BBRY) is worth more money now. Additionally investors are anticipating the company’s third quarter, 2016 earnings before the market opens on Friday, which could send the stock in either direction.

It will be interesting to watch and see if this uptrend continues throughout the remainder of the week or if shares drop as we get closer to earnings. The stock is currently trading higher by 3.82% or $0.3 following the positive news, hitting $8.15 per share at the time of us publishing this article. About 6.36M shares traded hands. BBRY has declined 23.49% since May 13, 2015 and is downtrending. It has underperformed the S&P500 by 19.81%.

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 -10.67% below today’s ($8.15) 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 $4.00 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.