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BlackBerry Rockets to 9-Year High in Meme Stock-Fueled Rally

BlackBerry shares have doubled since May 25 as the Reddit crowd has embraced the cybersecurity company.
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BlackBerry  (BB) - Get Report shares surged to a nine-year high Thursday as Reddit users continued to talk up the cybersecurity company.

“$BB is built different,” one Reddit user wrote. “Finally Wall Street is giving Blackberry the recognition and share price it deserves.”

BlackBerry recently traded at $17.38, up 13.95%. Shares rose 32% on Wednesday and the stock has doubled since May 25, as the Reddit crowd has embraced several individual stocks.

BlackBerry was the second-most mentioned company on Stocktwits, a popular community of individual investors, over the last 24 hours, trailing only fellow meme stock AMC Entertainment  (AMC) - Get Report, Bloomberg reported. AMC shares were down 12% Thursday as the company announced it plans to sell around $800 million in shares though an open market program, and cautioned investors against purchasing them "unless you are prepared to incur the risk of losing all or a substantial portion of your investment."

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BlackBerry stock saw volume of 346 million Wednesday, 86 times its volume on May 24. BlackBerry made the dominant smartphone until the iPhone came on the scene in 2007.

Real Money's Chris Versace and Action Alerts PLUS senior portfolio analyst Jeff Marks joined TheStreet Live Wednesday to discuss BlackBerry.

And TheStreet.com’s Brent Kenwell analyzed BlackBerry in a posting Tuesday.

“The action in some of these names [BlackBerry, AMC and GameStop  (GME) - Get Report] comes on renewed interest in the so-called meme stocks, which have been exploding higher as short squeezes continue to fuel the recent rally,” Kenwell said.

“However, it’s also led to increased volatility.”

In March, BlackBerry missed analysts' fiscal fourth-quarter revenue forecasts, as licensing revenue remained in limbo due to ongoing talks to sell part of its patent portfolio.

BlackBerry said it earned 3 cents a share in the latest period on adjusted revenue of $215 million.

The company had been expected to report net income of 3 cents a share on sales of $244.8 million, based on a FactSet survey of analysts.

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