The company behind the once iconic line of pagers and smartphones has seen its shares increase 137% year to date. That is the biggest surge BlackBerry has seen in two years, though it remains far smaller than the 1,472% increase in GameStop and the 2,705% bump for AMC.
Interest is growing on r/WallStreetBets. A look at the subreddit Monday found seven of the top 20 posts dedicated solely to BlackBerry, while four others focused on praising Clover Health Investments. The stock is currently trading in the $15-$16 range, but the most enthusiastic investors are hoping to see it hit $50.
“Don’t stop, BBelieving!!” encouraged user TehlorO. Another user, Substantial_Diver_34, showed a screenshot of what he says is his portfolio that is 100% committed to BlackBerry, with over 6,400 shares. At the time of the screenshot, it was down $14,000. The post was titled “What have I done?”
Other users offered encouragement. “I’ll tell you what you’ve done: You’ve guaranteed your place amongst the millionares,” wrote kingandr3, while Firesice offered, “You put in a winning bid…just needs a little time.”
WallStreetBets bulls say BlackBerry has grown from being a phone company to a cybersecurity firm that has deals with Amazon and others and could be well positioned to take a position in the electric vehicle marketspace. Analysts aren’t as sure. Four firms currently have “Sell” ratings on the company, with only one suggesting investors buy.