BB Stock Slips Overnight: Retail Debates CEO's Share Sale Amid Strong QNX Demand
- BlackBerry CEO John Giamatteo filed to sell 99,000 shares worth about $865,000. Giamatteo sold 151,000 shares valued at nearly $1.42 million on Wednesday. BlackBerry's QNX software business has a royalty backlog of over $1.2 billion.
BlackBerry (BB) stock dipped overnight as investors weighed CEO John Giamatteo's planned sale of 99,000 shares worth about $865,000 against strong QNX demand. The filing followed a separate disclosure on Wednesday of a 151,000-share sale, even as QNX's royalty backlog reached a record $1.2 billion.
BlackBerry stock edged 0.5% lower overnight, ahead of Friday. However, the stock has gained over 6% this week and is on track to reverse two weeks of losses.
CEO John Giamatteo Dumps BlackBerry Shares
According to an SEC filing on Thursday, Giamatteo filed a notice to sell 99,000 shares worth about $865,369 at the stock's last closing price. The disclosure comes one day after a separate filing reported a sale of 151,000 shares valued at nearly $1.42 million.
The 99,000 shares came from company stock awards under a compensation plan. The filing lists Jan. 6, 2025, and July 6 and July 10, 2026, as the dates the shares vested.
QNX Backlog Grows As Customers Show Interest In Its Technology
The stock sales come just days after BlackBerry's QNX business reported a record royalty backlog of more than $1.2 billion, up 26% from about $950 million last fiscal year. The backlog reflects stronger demand for BlackBerry's automotive software and growing use in industries such as robotics, manufacturing and health care.
“Customers are increasingly adopting SDP 8.0 for the high-performance compute architectures at the center of Software-Defined Vehicles, while our first Alloy Kore design win demonstrates the potential to extend QNX's position further up the software stack,” said John Wall, president of QNX.
What Are BB Retail Traders Saying
On Stocktwits, retail sentiment around the stock remained in 'neutral' territory. Message volume rose 21% over the past week.
A user said,“JG probably Thinks BB is going BANCRUPT and trying to CASH IN BEFORE IT HAPPENS, JUST LIKE NORTEL.”
Another user said,“He [CEO] is using BlackBerry as a personal ATM. Why is the board not investigated?”
A third user, however, expressed optimism, saying,“I held while I was down 70%. My shares are locked up, no stop losses, no panic selling, and no shaking me out. I didn't come this far to settle for a fraction of what I believe BB can become. I know what I own, and I'm here for the bigger picture.”
BB stock has gained 126% year-to-date.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment