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Philip S. Kurtz, Chief Legal Officer and Corporate Secretary at BlackBerry Ltd (NYSE:BB), recently reported a sale of company shares. According to the SEC filing, Kurtz sold 11,872 common shares at an average price of $3.70, amounting to a total of $43,926. This transaction took place on January 2, 2025. The timing is notable as BlackBerry's stock has shown strong momentum, gaining over 63% in the past six months and currently trading near its 52-week high of $4.12.
In addition to the sale, Kurtz also acquired 19,437 common shares through the vesting of Restricted Share Units (RSUs) on the same day. The RSUs were converted into common shares, reflecting an increase in his direct ownership post-transaction to 37,694 shares. The sale was conducted to cover withholding taxes upon the vesting of these RSUs. According to InvestingPro, while BlackBerry isn't currently profitable, analysts expect the company to return to profitability this year. Get deeper insights with InvestingPro's comprehensive research report, covering what really matters for this $2.4B market cap company.
The shares were sold in multiple transactions within a price range of $3.64 to $3.84. The reported prices were converted from Canadian dollars to U.S. dollars using the Bank of Canada exchange rate on the transaction date.
In other recent news, BlackBerry Limited has been making significant strides in the automotive and Internet of Things (IoT) sectors. The company's QNX division has partnered with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs), a collaboration aimed at integrating the QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure. This move is expected to offer developers a robust cloud environment to innovate and refine automotive and IoT applications.
In addition, BlackBerry has rebranded its IoT division to QNX as part of a strategy to strengthen its position in the automotive and embedded software markets. The rebranding initiative was influenced by feedback from customers, partners, employees, and other stakeholders, marking a pivotal moment in QNX's nearly 45-year history of embedded software innovation.
On the financial front, BlackBerry's Q2 financial results for fiscal year 2025 exceeded expectations, reporting a total revenue of $145 million, despite a non-GAAP operating loss of $4 million. Looking ahead to Q3, BlackBerry expects IoT revenue of $56 to $60 million and Cyber revenue of $86 to $90 million, aiming to achieve positive cash flow and EBITDA in Q4.
Analysts from Baird, RBC Capital, and Canaccord Genuity have adjusted their financial outlooks for BlackBerry. Baird raised its price target to $3.50, RBC Capital increased the price target to $3.25, while Canaccord Genuity raised the price target to $3.00, all maintaining a neutral outlook on the stock. These revisions reflect BlackBerry's recent sale of its cybersecurity unit, Cylance, to Arctic Wolf, and the dismissal of a lawsuit filed by former executive Neelam Sandhu.
Lastly, estimates for fiscal years 2026 and 2027 were revised upward, following the company's third-quarter fiscal year 2025 results that exceeded expectations. The company also reported positive earnings per share for the first time in three years. These are among the recent developments that have shaped BlackBerry's current position in the market.
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