Why BlackBerry (BBRY) Is Up Today

Update 2 (4:10 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

Updated from 1:09 p.m. EST to include comments from Citron Research report.

NEW YORK (TheStreet) -- BlackBerry (BBRY) rose 6.07% to $9.08, up 52 cents from its previous close of $8.56, at the close of the trading day on Friday after Citron Research set a target price of $15 for the stock.

The stock had a volume of 42,553,191, nearly double its average of 22,130,100. It hit a high of $9.13 and a low of $8.42 for the day.

Citron posted a report in which it states its position that short-sellers are too fixated on the company's decline in the smartphone market. Citron argues that CEO John Chen, who took over in November, has significantly lowered the risk of BlackBerry's balance sheet.

BlackBerry also announced Thursday the acquisition of $250 million in debentures by Fairfax Financial Holdings Limited. Fairfax, through its subsidiaries, had purchased an additional $250 million principal amount of 6% unsecured subordinated convertible debentures. According to the press release, "the additional debentures were purchased pursuant to the exercise of a previously-announced option that was granted in connection with BlackBerry's private placement of U.S. $1 billion principal amount of Debentures on November 13, 2013."

The news coincides with Blackberry's announcement on Thursday that it had reached a deal with German software company Datev, which agreed to buy 1,000 BlackBerry 10 smartphones. But Businessweek points out that the company sold nearly 7,000 phones per hour when it was at its peak.

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