Wednesday, April 17, 2024

Blackberry Becomes Latest Meme Stock; Value Surges By 67 Percent In a Week

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Blackberry has become the latest meme stock on Reddit, going on six straight days of gains as of Thursday. At the time of writing, the stock was trading at US$15.88 (~RM65.54) versus US$9.70 (~RM40.04) last week; an increase of 63.7%.

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While the BlackBerry price hasn’t reached the heights of the r/wallstreetbets short squeeze back in January, when it reached US$28.77 (~RM118) per share, trading volume has shot up dramatically, from less than 5 million shares on 24 May to more than 346 million on Wednesday. Its busiest trading day since 27 January.

The r/wallstreetbets subreddit, where the AMC and GameStop pumps originated, is currently full of threads about BlackBerry. One Redditor cited their rewarding experience of working on the BlackBerry factory line as their reason for investing.

BlackBerry has shifted its focus to enterprise software and Internet-of-things in recent years, after its iconic brand as a ubiquitous smartphone for successful businessmen faded out over the years.

Meanwhile, AMC is on another price surge as its stock price nearly doubled in value on Wednesday after the company announced a programme to reward small investors with benefits, such as exclusive screenings and free popcorn. Since the beginning of the year, the stock has increased by approximately 2,400%. It dropped more than 30% at one point on Thursday when AMC announced an intention to cash out, but quickly recovered after the business sold 11.5 million shares in a matter of hours, raising $587.4 million (~RM2.424 billion) in additional equity capital.

(Sources: Engadget, Reuters // Featured Image: Reuters)




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