Shares of Blackberry (NYSE:BB) surged on Thursday morning as the tech company became a main focus of traders on social media platform Reddit, continuing a bout of speculative trading that has rolled through financial markets this year.
The dramatic rise comes as meme stocks have once again become a major feature of Wall Street following the rapid rise and fall of GameStop earlier this year. Shares of movie theater chain AMC were up sharply in pre-market trading before the company announced a plan to sell additional stock. The announced share sale took AMC shares lower and also dented the pre-market pop in Blackberry a touch.
Experts note trading volumes for Blackberry have grown exponentially. More than 346 million shares changed hands on Wednesday, compared to volume of less than five million on May 24.
Blackberry was the third-most traded name on Fidelity’s platform on Wednesday, with AMC holding the top spot.
Once a household name as a leading smartphone brand, BlackBerry has shifted to cybersecurity in recent years. The company generated just under $1 billion in sales over its past four quarters.
In its most recent quarter, the company experienced a 34% decline in revenue year over year while posting an operating loss of $313 million.
In fiscal 2021 that ended in February, sales were down 14% year over year at $893 million. Its loss in 2021 widened to $1.1 billion, or $1.97 per share, compared to a loss of $149 million, or $0.32 per share, in 2020.
BB shares sprang to life $4.07, or 26.7%, to $19.32.
