The BlackBerry Rally Fizzles. Different Meme Shares Slide, Too.
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The successful streak for
inventory appears to be out of steam.
After operating up 85% in six weeks, shares of BlackBerry (ticker: BB) are succumbing to the downward slide in so-called meme shares standard with traders on the Wall Avenue Bets channel on the social media platform Reddit.
On Friday, the inventory was off 12% to $14.03, and traded as little as $13.76. Buying and selling quantity has cooled as nicely. With lower than 90 minutes left within the buying and selling day, quantity stood at 150 million shares, falling again from the file each day turnover of 534.6 million shares on Thursday. For the week, the inventory has traded 1.1 billion shares, equal to roughly twice BlackBerry’s 566 million shares excellent.
That is the second time in 2021 that traders have aggressively bid up BlackBerry shares. Within the first 4 weeks of January, the inventory practically quadrupled, hitting a 10-year excessive at near $29 earlier than falling again to single digits in latest weeks.
As soon as a extremely profitable cell phone firm, BlackBerry has moved on —apart from licensing its patent portfolio. BlackBerry is now primarily a software program firm. Its QNX real-time working system software program is utilized in cars, medical units, and different merchandise. And it provides endpoint safety safety software program.
However the tug of conflict within the inventory doesn’t appear to have a lot to do with the corporate’s fundamentals.
Different meme shares had been additionally sporting modest losses. For instance, each
(GME) and AMC (AMC) had been down about 3%, Mattress Bathtub & Past (BBY) was off 2% and Categorical (EXPR) was 5% decrease.
Write to Eric J. Savitz at [email protected]
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