BlackBerry (BB) is 37.41% up year-to-date in value and has traded as low as $2.70 and as high as $9.69 in the current 52-week trading range. As of the close of the last trading session, the BB stock was hovering at around $7.44, with the day’s gains setting it 1.67% off its average median price target of $8.25 for the next 12 months. It is also 54.45% below the consensus price target high of $20.00 offered by nine analysts, and current levels are -102.44% below the price target low of $4.50 for the same period. There was no significant news published, but its quotes were probably based on a variety of factors.
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This week’s report mentioning BlackBerry has sold 90 patents for smartphones may be one of the reasons behind this growth. Huawei, a Chinese company, was the buyer. BlackBerry continues to divest smartphone-related assets as part of its divestiture plan. In 2016, BlackBerry ceased smartphone production and focused exclusively on providing software and data security services.
This is unlikely to be the sole cause behind the increase in BlackBerry (BB) stock value due to the sale of dozens of patents. However, the company’s shares have reacted strongly to the news in recent quarters. For example, the announcement that BlackBerry and Amazon Web Services (AWS) have collaborated to launch a platform to analyze data from car sensors pushed BlackBerry shares higher in December 2020. The Stocks fell later.
The original losses have now been recouped, and the stock has risen again. The volatility may continue given the recent market trends, which makes it necessary to consider this when deciding when to move.
BlackBerry’s revenues in the third quarter were $224 million. However, the company continued to be unprofitable, reporting a $32 million loss compared with a loss of $4 million a year earlier. BlackBerry’s primary focus is capitalizing on its numerous assets. BlackBerry’s long-term growth strategy doesn’t mainly rely on selling patents, and it relies on integrating its new software with other leaders in the industry.
BlackBerry (BB) currently trades at $9.11, 26.05% and 38.06% above its SMA20 and SMA50, respectively. Despite this, with a daily trade volume of 65.23 million, the stock has fallen 76.08% off its SMA200. BB registered a gain of 35.36% for the year versus a gain of 95.91% for the last six months. Based on the figures mentioned above, the 50-day simple moving average for the firm is $7.45, while the 200-day SMA is $5.50.