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Do you remember the BlackBerry?
The Canadian company that made the once ubiquitous smartphones is now focusing on cybersecurity and software, having left the smartphone industry in recent years.
And, all of a sudden, Blackberry stocks are a popular commodity. Shares rose 28.42% on Monday to $ 18.03, the highest price in nearly 10 years. They have gained 175% since the start of 2021.
The company told Canadian securities regulators it was not aware of any of the reasons for the push.
The gains came from the fact that shares of Gamestop, the video game store company, skyrocketed thanks to Reddit-focused day traders, speculators and investors stepping in to chase the gains. Gamestop shares are up 328% year-to-date. At their peak on Monday, stocks were up 145% from their Friday close. By the end of the day, stocks had returned a large chunk of those gains. After briefly turning negative for the day, stocks were up 18% at the close.
Posts on Reddit group r / wallstreetbets, the bulletin board widely credited with starting the Gamestop rally, indicate a lot of excitement for the action. Some of the justifications given by the posters predicting that the stock will continue to rise are based on recent developments in the company. Others are just plain ridiculous.
“I LOVE BOTH B’S IT’S AN AESTHETIC PLEASURE,” one user said, quoting the company’s ticker symbol.
Last year, Blackberry announced a multi-year partnership with Amazon Web Services to co-develop BlackBerry IVY, a new “cloud-connected intelligent vehicle data platform” that provides automakers with a “standardized secure means. to read and analyze data from vehicle sensors ”. Last week, the company settled an intellectual property lawsuit the company brought against Facebook, accusing the social network of violating Blackberry’s messaging technology.
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