WATERLOO, Ontario—Chai Jay P., Senior Vice President and Chief Accounting Officer at BlackBerry Ltd (NYSE:BB), recently sold a total of 1,258 common shares of the company. The shares were sold at an average price of $3.97 per share, resulting in a total transaction value of $4,994. The transaction comes as BlackBerry's stock trades near its 52-week high of $4.12, having gained over 63% in the past six months.
The transactions took place on January 3, 2025, and were part of a series of activities involving the conversion of performance-based and restricted share units. Despite these sales, Chai Jay P. maintains a significant holding in the company, with 23,167 shares remaining in his portfolio following the transactions. According to InvestingPro, BlackBerry currently has a market capitalization of $2.4 billion and maintains a FAIR financial health score.
The sales were conducted to cover withholding taxes upon the vesting of restricted share units, as noted in the filing. The reported price per share was converted from Canadian dollars to U.S. dollars using the Bank of Canada exchange rate on the transaction date. For deeper insights into BlackBerry's valuation and more exclusive financial metrics, visit InvestingPro, where you'll find comprehensive analysis and additional ProTips.
In other recent news, BlackBerry Limited has seen a surge in its financial outlook following a collaboration with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs). The partnership will integrate BlackBerry's QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure, providing a robust cloud environment for automakers and developers. The initiative is designed to streamline the creation, testing, and integration of software essential for the next wave of automotive technology.
BlackBerry's QNX division, recently rebranded from its IoT division, is expected to showcase the benefits of this collaboration at the upcoming CES 2025. Furthermore, BlackBerry reported a total revenue of $145 million for Q2 of fiscal year 2025, despite a non-GAAP operating loss of $4 million. For Q3, BlackBerry expects IoT revenue of $56 to $60 million and Cyber revenue of $86 to $90 million.
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.
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