Rodan Fields multi-level marketing and Blackberry software companies signpost at Bishop Ranch business park - San Ramon, CA, USA - October 2019
The BlackBerry stock price will be in focus on Wednesday as the company publishes its quarterly results. The BB stock has declined in the past three straight days and is at the lowest it has been since May 26.
The Blackberry stock was recently one of the most popular stocks in Wall Street. Early this year, the stock jumped from $6.40 to a high of $28.76. It then retreated to a low of $7.75 in May and then bounced back to $20 in June. It is now trading at $9.37, which is about 67% below the highest point this year.
The stock will be in focus today as the company publishes its quarterly results. Wall Street expects that the company will report an EPS estimate of -$0.07, which will be substantially lower than $0.11 in the same quarter. This figure will likely be stronger because the company has beaten the consensus estimates 88% of the time.
They also expect that its revenue will come in at $164.28 million, which is about 38.2% below the same quarter last year. Unlike EPS, the company has done better than estimates 38% of the time.
Analysts will be focusing on the Spark and QNX businesses. In the most recent quarter, the company reported that the number of vehicles with its QNS software rose to more than $195 million. Still, this number could disappoint because of the performance of the automobile industry.
The daily chart shows that the BB stock price has struggled substantially in the past few months. It is not alone. Other popular meme stocks like GameStop, Build-a-Bear, AMC, and Clover Health Investments have all crashed.
The Blackberry stock has moved below the 78.6% Fibonacci retracement level. It has also declined below the 25-day and 50-day moving averages while oscillators like the Relative Strength Index (RSI) have been on a downward trend.
Therefore, the path of least resistance for the stock is to the downside. This will likely see the stock retest the psychological level of $8.0.