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blackberry corporation (NYSE:BB) stock is falling in after-hours trading on Tuesday after the company announced a proposed private placement.
what happened: After the market closed on Tuesday, BlackBerry announced that it intends to sell $160 million worth of convertible senior notes due in 2029 in a private placement.
This bond is available only to qualified institutional buyers.
BlackBerry will give initial buyers the option to purchase up to $25 million in additional notes over a 13-day period.
BlackBerry said it plans to use the proceeds to repay or repurchase $150 million worth of outstanding 1.75% convertible unsecured notes due next month.
Are you buying BB? Wall Street analysts have an overall neutral view on BlackBerry, based on its coverage history over the past three months. RBC Capital’s Paul Traver is the most bearish, expecting the stock to decline 11.11% next year.
However, looking at what the overall market thinks about a stock allows us to look at past price movements to get an idea of whether investors feel strongly about a stock in any way. .
Over the past three months, BlackBerry is up 2.6%. This means that our view of the business and how attractive it is to own has improved based on underlying fundamentals such as the share price and its earnings, which are up 3.55% over the past year. is showing.
A complete overview of how Wall Street views individual stocks is available here, and real-time updates on the latest analyst actions are delivered to you through Benzinga PRO. Try it for free.
Related item: Bears don’t worry about tech valuations, analysts say: How AI leaders Microsoft, Nvidia and Google can drive their stock prices higher
BB Price Action: BlackBerry stock has fallen about 17% in one year. At the time of publication, shares were down 13.80% in the after-hours to $3.06, according to Benzinga Pro.
Photo: Courtesy of BlackBerry.
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The article BlackBerry stock plummets on Tuesday: What’s going on? originally appeared on Benzinga.com
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