BlackBerry (NYSE:BB) stock is falling on Wednesday following the release of its Q4 fiscal 2021 earnings report, but it’s not all bad news for the company today.
Starting with the bad, BlackBerry reported revenue of $210 million during the period. That failed to reach Wall Street’s revenue estimate of $245 million. It was also down from the company’s revenue of $282 million reported in Q4 fiscal 2020.
While revenue in the fourth quarter of fiscal 2021 wasn’t what investors in BB stock wanted to see, its earnings per share weren’t bad. The company reported adjusted EPS of 3 cents per share, which matches analysts’ estimate for the quarter.
John Chen, chairman and CEO of BlackBerry, attempted to raise spirits with talk of recovery in the earnings report.
“This has been an exceptional year to navigate, however we are pleased with QNX’s continued recovery, despite new challenges from the global chip shortage. QNX now has design wins with 23 of the world’s top 25 electric vehicle OEMs and remains on course to return to a normal revenue run rate by mid-fiscal 2022.”
It’s true that the BlackBerry earnings report didn’t do BB stock any favors today but there is one positive worth noting. Canaccord Genuity analyst T. Micahel Walkley upgraded the stock in a recent note to investors.
This has Walkley bumping BB stock up from a sell rating to a hold rating. Unfortunately, even this news is a bit mixed with a lowered price target. The analysts dropped BB stock’s price target to $9 per share from $10 per share.
BB stock was down 8.8% as of Wednesday morning but is still up 29.4% since the start of the year.
BlackBerry stock has been in the news fairly frequently of late as Reddit investors have latched onto the company.
Reddit traders tend to favor shorted stocks. This has these retail traders taking on hedge funds in an effort to boost stock prices up before leaving with the profits. Some of their favorites include GameStop (NYSE:GME), AMC Entertainment (NYSE:AMC), and Nokia (NYSE:NOK). Investors can get up to speed on Reddit stocks below.
More Reddit Stocks News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
View more information: https://investorplace.com/2021/03/bb-stock-the-sweet-and-sour-headlines-impacting-blackberry-shares-today/