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In a recent filing with the Securities and Exchange Commission, BlackBerry Ltd (NYSE:BB) reported that Jay P. Chai, the company’s Senior Vice President and Chief Accounting Officer, sold 24,425 common shares. The transaction, which took place on January 24, 2025, was executed at a price of $4.19 per share, amounting to a total value of $102,340. The sale comes as BlackBerry shares trade near their 52-week high of $4.43, having surged nearly 80% over the past six months. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value. This sale leaves Chai with no remaining shares of BlackBerry stock. The reported price was converted from Canadian dollars to U.S. dollars based on the Bank of Canada’s exchange rate on the transaction date. While the company isn’t currently profitable, InvestingPro data indicates analysts expect BlackBerry to return to profitability this fiscal year. Discover more insights and 8 additional ProTips about BlackBerry in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, BlackBerry Limited disclosed the departure of its Senior Vice President and Chief Accounting Officer, Jay Chai, who is set to resign in January 2025. The company’s QNX software has gained increased attention following the sale of its underperforming cybersecurity division, Cylance. BlackBerry has also announced a collaboration with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs), integrating the QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure.
Analysts from RBC Capital Markets, Baird, and Canaccord Genuity have adjusted their price targets for BlackBerry, reflecting the company’s strategic shifts and the potential for growth. BlackBerry’s Q2 financial results for fiscal year 2025 reported a total revenue of $145 million, despite a non-GAAP operating loss of $4 million.
BlackBerry has recently rebranded its IoT division to QNX, aiming to strengthen its position in the automotive and embedded software markets. The company’s strategic shifts and the shedding of less profitable units appear to be key drivers in the revised valuation of its shares. These developments reflect BlackBerry’s recent efforts to streamline its operations and focus on its more successful sectors.
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