Do you remember the BlackBerry?
The Canadian company that manufactured the once ubiquitous smartphones is now focused on cyber security and software, which has left the smartphone industry for the past few years.
And suddenly, Blackberry shares are a hot commodity. Shares rose 28.42 percent to $ 18.03 on Monday, the highest price in nearly 10 years. They have achieved 175 percent since the start of 2021.
The company told Canadian security regulators that it was not aware of any reasons for the boom.
The gains come as shares of Gamestop, the video game business, soared through Reddit-driven day traders, speculators and investors who jumped on board to chase profits. Shares of Gamestop are 328 percent higher than the previous year. At their peak on Monday, the shares rose 145 percent from their Friday. By the end of the day, equities returned many of the gains. After the shares soon turned negative, the shares rose by 18 percent.
Reports on the Reddit group r / wallstreetbets, the notice board widely acknowledged for leading up to the Gamestop rally, indicate a lot of enthusiasm for the stock. Some of the rationale given by posters predicting the stock will continue to rise is based on recent developments at the company. Others are just ridiculous.
“I LIKE THE 2 B’S IT IS AESTHETICALLY APPROPRIATE,” said one user, quoting the company’s sign symbol.
Last year, Blackberry announced a multi-year partnership with Amazon Web Services to co-develop BlackBerry IVY, a new “cloud-connected intelligent vehicle data platform” that gives automakers a “standardized secure way to read and analyze vehicle sensor data.” Last week, the company decided a lawsuit over the intellectual property that the company filed against Facebook, accusing the social network of infringing on Blackberry’s messaging technology.