The stock of BlackBerry Limited (NYSE:BB) is now priced at $5.58 and the shares are 0.36 points up or 6.9% higher compared to its previous closing price of $5.22. The stock had 6.61 million contracts set over the past session. BB shares’ daily volume is compared to its average trading volume at 4.314 million shares. However, it has a float of 548 million and although its performance was 16.74% over the week, it’s one to watch. Analysts have given the BB stock a yearly average price target of $5.72 per share. It means the stock’s upside potential is 2.51% with the BB share price recently placing at $5.21 to $5.59. However, some brokerage firms have priced the stock below the average, including one that has called $4.5.
The shorts are running away from the BlackBerry Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BB shares have declined. Short interest in the stock represents just 5.06% of its float, but the volume has dropped by 0.
In the last trading session, BlackBerry Limited (NYSE:BB) raised by $0.8 over the week and gained $0.83 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.76. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $2.7 at 106.67%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.51. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, BlackBerry Limited’s two-week RSI is 74.21. This suggests that the stock is oversold at the moment and that BB shares’ price movement remains not stable. The stochastic readings are equally revealing at 90.29% meaning the BB share price is currently in oversold territory.
The technical chart shows that the BB stock will likely settle at between $5.71 and $5.84 per share. However, if the stock dips below $5.33, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.08.
Currently, the stock is trading in the green of MACD, with a reading of 0.31. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at TD Securities cut their recommendation for BB from Buy to Hold in April 01 review. BofA/Merrill analysts upgraded their recommendation of the stock from Underperform to Neutral in a flash note released to investors on November 04. TD Securities analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on September 25, placing it at $10 from $14.50.
The average rating for the BB equity is 3.1 and is currently gathering a bearish momentum. Of 10 analysts tracking BlackBerry Limited polled by Reuters, 9 rated BB as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BB stock price is 41.64X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.9. BlackBerry Limited has its P/E ratio at 1.6, which means that the stock is currently trading at a discount relative to the 13.6 industry average.