BlackBerry Stock Brushes Off Revenue Whiff

Call traders are targeting BB after the event

Deputy Editor

Mar 31, 2023 at 10:49 AM

BlackBerry Ltd (NYSE:BB) has reversed its premarket losses in a big way, up 14.6% at $4.55 at last glance. The software company's fourth-quarter revenue whiffed on estimates, while full-year guidance also disappointed. Nevertheless, TD Securities upgraded the stock to "hold" from "reduce," with a price-target hike to $4 from $3.75.

On track for its third-straight weekly win, BB is looking to close out a winning quarter -- up 39.7% since the start of the year. Long-term pressure at the 160-day moving average now looms and appears to be keeping today's gains in check.

Options bulls are chiming in after the earnings event, with 34,000 calls exchanged so far -- 13 times the intraday average -- in comparison to 8,874 puts. The weekly 3/31 4.50-strike call is the most popular, followed by the 4-strike call in the same series.

All eight analysts in coverage still carry a "hold" or worse rating on BB, leaving plenty of room for optimism moving forward. Plus, the 12-month consensus price target of $4.77 is a chip shot away from current levels.

Follow @Schaeffers

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*