BlackBerry witnessed a sharp decline in short interest for the month of March. From 95,573,854 shares sold short as of March 13th, the short interest declined 3% to 92,690,888 shares as of March 31st. Presently, around 18.9% of the shares of the company are sold short.
BlackBerry announces global roll-out of Leap
On Wednesday, BlackBerry shares were up over 2%, likely relating to an announcement regarding the global roll-out of the company’s latest smartphone, the Leap. The phone is now available in the UK, and will soon be launched in other major markets including Canada, India, France, Germany, Saudi Arabia, United Arab Emirates and the United States, according to BlackBerry.
The Canadian company noted young professionals and companies seeking to renew their enterprise devices, can now buy the Leap from its online store, and through select carriers and partners. Ron Louks, President, Devices and Emerging Solutions at BlackBerry, said that the Leap is an affordable all-touch screen for young professionals who require a smartphone, which along with making them productive, secures sensitive communications.
What analysts feel of BlackBerry?
A number of research firms have recently come out with their verdict on BlackBerry. In a research note on Tuesday, analysts at Vetr lowered the rating on the stock from a Buy to Hold, and assigned a $10.59 price target. Separately, MKM Partners raised their rating on the Canadian firm to Neutral, and set a price target of $10, in a March 31st research note. Analysts at Scotiabank, in a research note on March 31st, increased the price target on the stock to $12.50, and assigned a Sector Perform rating to shares. Analysts at Deutsche Bank upgraded the company to Hold and assigned it a $9 price target in a research note on March 31st. Presently, BlackBerry has an average rating of Hold and an average price target of $9.86.
BlackBerry sports a 52-week low of $7.10 and a 52-week high of $12.63. The 50-day moving average for the rebounding tech firm is $9, while its 200-day moving average is $10. On Wednesday, BlackBerry closed up 2.36% to $9.97, while year to date the stock is down almost 10%.