BB Stock Forecast 2021: BlackBerry Limited Remains Weak with -14.4% Downnside

In the latest trading session, 3,406,352 BlackBerry Limited(NYSE:BB) shares changed hands as the company’s beta touched 1.66. With the company’s most recent per share price at $6.6 changing hands around $0.02 or 0% at last look, the market valuation stands at $3.74 Billion. BB’s current price is a discount, trading about -46.82% off its 52-week high of $9.69. The share price had its 52-week low at $2.7, which suggests the recent value is59.09% up since then. When we look at BlackBerry Limited’s average trading volume, we note the 10-day average is 9.84 Million shares, with the 3-month average coming to 16.91 Million.

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Analysts gave the BlackBerry Limited (BB) stock a consensus recommendation rating of Hold, calculated at a mean rating of 3.2. If we narrow down to specifics, the data shows that 1 out of 9 analysts rate the stock as a Sell, with a further none assigning it an Overweight rating. Of the remaining, 7 recommended BB as a Hold, 1 felt it is a Buy and none rated the stock as Underweight. BlackBerry Limited’s EPS for the current quarter is expected to be $0.03.

Instantly BB is in green as seen in intraday trades today. With action 0.3%, the performance over the past five days has been red. The jump to weekly highs of $7.00- on Tuesday, Dec 29 added 5.86% to the stock’s daily price. The company’s shares are showing year-to-date downside of -0.01%, with the 5-day performance at -0.04% in the red. However, in the 30-day time frame, BlackBerry Limited (NYSE:BB) is -0.23% down. Looking at the short shares, we see there were 34.57 Million shares sold at short interest cover period of 2.04 days.

The consensus price target for the stock as assigned by Wall Street analysts is $9.25, meaning bulls need an upside of 40.15% from its recent market value. According to analyst projections, BB’s forecast low is $4.5 with $20 as the target high. To hit the forecast high, the stock’s price needs a +203.03% upsurge from its latest level, while the stock would need to tank -31.82% for it to hit the projected low.

BlackBerry Limited (BB) estimates and forecasts

Data shows that the BlackBerry Limited share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot +31.08% over the past 6 months, a 30.77% in annual growth rate that is considerably higher than the industry average of 7.6%. But despite this, analysts have looked to lower expectations by downgrading its fiscal year 2021 revenue estimates. The rating firms predict current quarter revenue for BlackBerry Limited will drop -66.7%, while the growth in revenue is estimated to hit -50% for the next quarter. Year-over-year growth is forecast to reach -14.4% down from the last financial year.

Consensus estimates given by 3 financial analysts project the company’s revenue in the current quarter to hit an average of $246.14 Million. 2 analysts are of the opinion that BlackBerry Limited’s revenue for the quarter ending May 01, 2021 will be $234.96 Million. The company’s revenue for the corresponding quarters a year ago was $291Million and $214.09 Million respectively. According to analysts, the company will likely register a drop in its current quarter sales, forecast at -15.4%. The estimates for the next quarter sales put growth at 9.7%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 13.8%. The 2021 estimates are for BlackBerry Limited earnings to decrease by -281.9%, but the outlook for the next 5-year period is at 0% per year.

BlackBerry Limited (NYSE:BB)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 1.33% of BlackBerry Limited shares while 50.39% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 51.07%. There are 385 institutions holding the BlackBerry Limited stock share, with Primecap Management Company the top institutional holder. As of Sep 29, 2020, the company held 10.99% of the shares, roughly 61.76 Million BB shares worth $283.5 Million.

Fairfax Financial Holdings Ltd/ Can holds the second largest percentage of outstanding shares, with 8.31% or 46.72 Million shares worth $214.47 Million as of Sep 29, 2020.

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Among Mutual Funds, the top two as of Oct 30, 2020 were Primecap Odyssey Aggressive Growth Fund and Primecap Odyssey Growth Fund. With 21111918 shares estimated at $94.79 Million under it, the former controlled 3.76% of total outstanding shares. On the other hand, Primecap Odyssey Growth Fund held about 2.14% of the shares, roughly 12.01 Million shares worth around $53.92 Million.


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