Shares of BlackBerry Ltd (NASDAQ:BBRY) began the day trading higher but as the day progressed the stock has dropped further and further, erasing almost all of yesterday’s gains. Yesterday shares rose from $7.85 to $8.18 and this morning rose as high as $8.33. That’s when the market began to tank and shares of BlackBerry Ltd (NASDAQ:BBRY) fell even faster. The stock has been bouncing around considerably over the last eight trading days as shorts and longs battle it out. Today it appears that shorts are winning that fight.
The stock is down 2.93% or $0.24 following the news, hitting $7.94 per share. About 7.85 million shares traded hands or 14.43% up from the average. BBRY has declined 20.81% since May 14, 2015 and is downtrending. It has underperformed the S&P500 by 18.55%.
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 -8.31% below today’s ($7.94) 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 $4.32 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.