NEW YORK (TheStreet) -- BlackBerry stock advanced by 3.64% to $7.12 in Friday's trading session, after the smartphone maker received approval to more than double its share buyback program.
The company can now repurchase as much as 5.8% of its public float.
BlackBerry will be able to repurchase up to 27 million shares, compared to its previous limit of 12 million shares.
From June 29 to January 26, the company purchased about 9.92 million shares at an average price of $7.43 per share.
The shares are an attractive investment given current equity conditions, the company wrote in a statement.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Blackberry's weaknesses include its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: BBRY
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.