Shares of BlackBerry Ltd were red today based in part on reports that Imperial Capital lowered price target of the company’s stock from $7.50 to $7, while reiterating an “in-line” rating. The company’s shares were trading down 1.72% to $6.72 in the early trading session.
Hedge Funds Bullish On BlackBerry
Exane Derivatives was bullish on the firm during the first quarter, opening a new position worth about $221,000. Another investor Commonwealth Equity Services upped its stake in the company by 19.5% in the first quarter, holding 42,279 shares valued at $342,000. Ladenburg Thalmann Financial also loves the company, in which it boosted its stake by 3.0% 67,596 shares, worth $545,000. Omers Administration also sees value in the smartphone maker, in which the investor increased its shares ownership by 12.0%, owning 74,400 shares valued at $602,000, Community Financial News reported.
For its most recent quarter, the smartphone maker reported a loss per share of $0.03, beating analysts’ consensus estimates of $0.10 per share loss. Its quarterly revenue was $464 million. For the current fiscal year, analysts anticipate that the company report a loss per share of $0.33.
In other news, BlackBerry announced that the company was named a Leader in the Gartner Magic Quadrant for Enterprise Mobility Management (EMM) Suites. The company’s new Good Secure EMM Suites provide simple and flexible options for customers to deploy industry-leading security across devices, apps, content and data. These mobility suites meet the current and future needs of businesses of any size through a single integrated offering of BES12, Good Dynamics and WatchDox.
BlackBerry Losing Obama and Kim Kardashian
BlackBerry Ltd was considered the most secure device for corporate and government usage, but better offerings from a rival led many elite customers to consider replacing the device. According to the reports, President Obama and Kim Kardashian are giving up their BlackBerry devices. President Obama’s isn’t thrilled with this new phone. Speaking at ‘The Tonight Show’ this week, he said, “I get the thing, and they’re all like, ‘Well, Mr. President, for security reasons … it doesn’t take pictures, you can’t text, the phone doesn’t work….you can’t play your music on it.’ Basically, it’s like, does your three year old have one of those play phones?”
Kardashian – probably the highest-profile BlackBerry user on earth and a die-hard BlackBerry Bold fan – said previously that she likes using the physical keyboards, but since, the device is not available anymore in the stores, therefore, she hoards them up after making the purchases on eBay. However, it seems now that her best attempts at hoarding have not been sufficient, and the time has come for her to give up the device. She appeared in an interview with Recode’s Kara Swisher, where she admitted that it had become a major problem to track down the Blackberry Bold model she likes, and said, she could soon give it up, and might, go for an iPhone 6S instead.
Shares of BlackBerry Ltd have dropped by 28.02% year-to-date. The stock is down 27.32% in the past 12 months.