A handful of stocks are on extraordinary runs, fueled by millions of investors on the Reddit forum r/WallStreetBets. But one of them, BlackBerry’s (NYSE:BB) BB stock, stands out from the crowd.

The Reddit stocks being championed by r/WallStreetBets investors largely have one thing in common. They are all nostalgic names of companies that, for one reason or another, have fallen on hard times. Some of them are wounded by the coronavirus pandemic, others are victims of technology and societal shifts that are leaving the companies behind.

Undoubtedly, the Reddit stocks will at some point fall back to Earth. If r/WallStreetBets investors are successful in their short squeeze strategies, they’ll force a short squeeze that causes stock prices to spike higher before their inevitable fall.

The Reddit investors are hoping that they can hold their stocks with “Diamond hands” and take their stocks to the moon to score big profits.

But if they’re wrong and the squeeze never happens, or if they hold their stocks too long, it could be disastrous. Those Reddit stocks are valued far above their fundamental worth and a collapse will leave Reddit investors with nothing more than dust instead of diamonds.

Here’s why I think BB stock has a chance to avoid that fate.

BB Stock at a Glance

While BlackBerry isn’t the primary focus of r/WallStreetBets, BB stock is still enjoying a dramatic ride.

Trading at $7.65 on Jan. 13, BlackBerry was at $27.10 just two weeks later for a gain of 228%. And while it’s given back some of those gains, BB stock is still up 103% in 2021.

BlackBerry was known years ago as one of the first and best mobile phone companies. It launched its first mobile phone in 1999 and its devices were considered status symbols in the business world. It was also the first company to make email available on a mobile device, and the first to introduce a QWERTY keypad.

But it didn’t last. BlackBerry’s position in the mobile phone market fell from 85 million in 2013 to just 23 million in 2016.

BlackBerry Is a Different Company Now

It would have been easy for BlackBerry to whither and die on the vine. But instead, the company is evolving to maintain its relevancy in the 21st century. And it’s done that by expanding past its core mobile device business.

Today, BlackBerry is heavily involved in everything from cybersecurity to Internet of Things and working with autonomous vehicles.

In December, the company announced a multi-year deal with Amazon (NASDAQ:AMZN) Web Services to develop and market Ivy, which is BlackBerry’s intelligent vehicle data platform.

Blackberry says Ivy is a “scalable, cloud-connected software platform that will allow automakers to provide a consistent and secure way to read vehicle sensor data, normalize it, and create actionable insights from that data both locally in the vehicle and in the cloud.”

The idea is to improve operations of cloud-connected vehicles. Blackberry says developers will be able to use Ivy to build machine learning-powered capabilities without requiring developers to have specialized automotive skills.

BlackBerry currently has its operating systems in 175 million vehicles, running everything from autonomous driving chores to entertainment systems.

BlackBerry is also known for products like Spark Suites, which is a security product that can be tailored to companies or governments to provide cybersecurity and endpoint solutions. Spark Suites was rolled out in May 2020.

BlackBerry Earnings

Fiscal third-quarter earnings released in mid-December showed BlackBerry with revenues of $218 million, down from $267 million in the previous year. The net loss for the quarter was $130 million, or 23 cents per share, compared to a loss of $32 million a year ago and an EPS loss of 7 cents.

Despite the loss, CEO John Chen said he was optimistic.

This quarter we delivered exciting new technology releases, especially our AI-driven BlackBerry Cyber Suite. We also made significant progress with partnerships. Our recently announced multi-year, exclusive partnership with AWS to co-develop and co-market BlackBerry Ivy, is both strategic and unique. This new platform will create a recurring-revenue business, bringing together BlackBerry’s extensive experience and footprint in embedded automotive with AWS’ unparalleled cloud reach, consumer experience and interface.

The Bottom Line

Regardless of what happens with r/WallStreetBets and its battle with the hedge funds, it would be a mistake to think about BB stock as purely a nostalgic name on Wall Street.

BlackBerry won’t ever be a dominant force in mobile phones, but it has plenty of other thriving businesses that will carry BB stock moving forward.

You won’t need to force a short squeeze to make a profit with BB stock. But Diamond hands will likely help, as this is a company to hold for the long-term.

BB stock has a “B” rating and a buy recommendation in my Portfolio Grader.

On the date of publication, both Louis Navellier and the InvestorPlace Research Staff member primarily responsible for this article had a long position in AMZN.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any other positions in the securities mentioned in this article.