What Made Canaccord Genuity Upgrade BlackBerry’s Stock?

By Ryan Adsit

BlackBerry (BBResearch Report) received a Hold rating and a $9.00 price target from Canaccord Genuity analyst Michael Walkley today. The company’s shares closed last Tuesday at $9.34.

According to TipRanks.com, Walkley is a 5-star analyst with an average return of 22.1% and a 63.2% success rate. Walkley covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Sequans Communications S A, and Synchronoss Technologies.

BlackBerry has an analyst consensus of Moderate Sell, with a price target consensus of $8.36.

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Based on BlackBerry’s latest earnings release for the quarter ending November 30, the company reported a quarterly revenue of $218 million and GAAP net loss of $130 million. In comparison, last year the company earned revenue of $267 million and had a GAAP net loss of $32 million.

Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BB in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

BlackBerry Ltd. engages in the provision of enterprise software and services, which focuses on securing and managing Internet of Things endpoints. It offers a platform comprised of communication and collaboration software and safety-certified embedded solutions. The company was founded by Michael Lazaridis, James Laurence Balsillie, and Douglas E. Fregin on March 7, 1984 and is headquartered in Waterloo, Canada.