BlackBerry Ltd’s (BB) -3.09% Drop Is A Reason To Reconsider.

BlackBerry Ltd (NYSE:BB) price on current trading day, fall -3.09% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $2.36.

A look at the stock’s price movement, the level at last check in today’s session was $2.43, moving within a range at $2.34 and $2.405. The beta value (5-Year monthly) was 1.066. Turning to its 52-week performance, $4.44 and $2.01 were the 52-week high and 52-week low respectively. Overall, BB moved 3.29% over the past month.

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BlackBerry Ltd’s market cap currently stands at around $1.39 billion, with investors looking forward to this quarter’s earnings report slated for on 2024-Dec-18.

Turning to the stock’s technical picture we see that short term indicators suggest on average that BB is a 50% Sell. On the other hand, the stock is on average a 75% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.

20 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 6 analyst(s) rate the stock as a Hold, 12 recommend BB as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 2 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

BB’s current price about -2.89% and -0.12% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 46.04, while 7-day volatility ratio is 7.57% and 4.47% in the 30-day chart. Further, BlackBerry Ltd (BB) has a beta value of 1.41, and an average true range (ATR) of 0.11. Analysts have given the company’s stock an average 52-week price target of $3.875, forecast between a low of $2.7 and high of $6.5. Looking at the price targets, the low is -14.41% off recent price level in today’s trading while to achieve the yearly target high, it has to move -175.42%. Nonetheless, investors will most likely welcome a -64.19% jump to $3.875 which is the analysts’ median price.

If we refocus on BlackBerry Ltd (NYSE:BB), historical trading data shows that trading volumes averaged 13.1 over the past 10 days and 6.10 million over the past 3 months. The company’s latest data on shares outstanding shows there are 589.23 million shares.

The 1.76% of BlackBerry Ltd’s shares are in the hands of company insiders while institutional holders own 45.13% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 29.49 million on 2024-09-13, giving us a short ratio of 7.19. The data shows that as of 2024-09-13 short interest in BlackBerry Ltd (BB) stood at 500.0 of shares outstanding, with shares short falling to 31.47 million registered in 2024-08-15. Current price change has pushed the stock -33.47% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the BB stock continues to rise going into the next quarter.

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