BlackBerry is Reddit's latest meme stock

·Contributing Writer
·1-min read

Following wild successes with GameStop and AMC earlier this year, Reddit speculators have turned to BlackBerry for their latest run on the stock market. The share price was up around seven percent on Thursday afternoon, following gains of 32 percent and 15 percent over the last two sessions.

The BlackBerry price hasn't quite hit the heights of a short squeeze back in January, when it reached $28.77, but it has still more than doubled since the start of the year. Trading volume has shot up dramatically as well, from less than 5 million shares on May 24th to more than 346 million on Wednesday.

The r/wallstreetbets subreddit, where the AMC and GameStop pumps largely originated, is full of threads about BlackBerry at the minute. One redditor cited their rewarding experience of working on the BlackBerry factory line as their reason for investing. BlackBerry has shifted its focus to enterprise software and services in recent years, after fading as a smartphone powerhouse.

Meanwhile, AMC is on another Reddit-driven run. Its share price almost doubled Wednesday in the wake of announcing a program to reward small investors with perks like special screenings and free popcorn. The stock is up over 2,400 percent from the start of the year. It sank by over 30 percent at one point on Thursday after AMC announced a plan to cash in, but the price bounced back after the company sold 11.5 million shares within a few hours. At the time of writing, it's trading at $67, up four percent from Wednesday.

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