BB Stock: Why r/WallStreetBets Is Betting Big on BlackBerry

The meme-sters on Reddit’s r/WallStreetBets are back on BlackBerry (NYSE:BB) this morning, driving up BB stock more than 10%. Chatter on social media sentiment tracking sites show that the cybersecurity firm is running a strong second to AMC Entertainment (NYSE:AMC).

A BlackBerry (BB) sign out front of a corporate office in Silicon Valley, California.

Source: Shutterstock

Today’s move follows a 15% gain on Tuesday to $11.56, BB stock’s highest share price in more than two months.

The year started off with those retail investors pumping up the price of BlackBerry shares four-fold to a 10-year high. As has been the case in recent months, retail investors are likely fueling the gains on hopes of a short squeeze. About 9% of BB stock, or slightly more than 50 million shares, were showing as sold short in mid=May.

Chats Abuzz with BB Stock Sentiment

On stock sentiment tracker site SwaggyStocks.com, BB stock was showing more than 4,000 mentions on r/WallStreetBets in the past 24 hours, most of it positive. Fellow meme stock GameStop (NYSE:GME) is attracting less than a third of that volume.

“This feels like January all over again,” posted one member of the subreddit, u/hellomynameisyes. Another, u/SnooFloofs9228 posted “BB has been beaten down mercilessly for months. $100.00 per share will erase this pain from my memory.”

Meanwhile, if BlackBerry fundamentals are more your interest, you can check out the company’s CTO next week when he discusses technology and strategy at the Baird 2021 Global Consumer, Technology & Services Conference. The webcast will be live on June 9 at 11:25 a.m. Eastern, with a replay available on the company’s investor relations website.

On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. His Substack newsletter, TLV Strategist, covers the Israel business scene.


Article printed from InvestorPlace Media, https://investorplace.com/2021/06/bb-stock-why-r-wallstreetbets-is-betting-big-on-blackberry/.

©2021 InvestorPlace Media, LLC