With an increase of nearly 10% on the 24th of August, BlackBerry quickly outpaced the gains of the stock market.
BlackBerry was a favourite meme stock in July when its trading volume reached 8 million, fueled by Reddit hype. However, this popularity has come and gone, especially since some bad news came into the headlines, turning meme traders away from this stock.
Let’s see what is happening with BlackBerry right now and how you can benefit from it.
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What Is BlackBerry?
BlackBerry is a Canadian company that specialises in using artificial intelligence and machine learning to eliminate cyberthreats. It became popular as Reach in Motion (RIM) when it created the BlackBerry brand that contained smartphones and tablets. The company then transitioned to a cybersecurity software and services company that sells products and services to government agencies, businesses, and car makers to prevent ransomware attacks and hacking.
Should I Buy BlackBerry Today?
In July, BlackBerry was a Reddit favourite with soaring trading volumes of over 8 million, fueled by enthusiastic meme traders. However, they quickly lost interest and the trading volume, along with its share price, went down for the most part of August.
This was partly a result of the company’s “bad” announcement at the beginning of August. The company disclosed that some versions of its QNX operating system (OS), used by cars and hospital equipment, among others, developed an error that allowed it to be prone to hacking.
Undoubtedly, you may wonder how the stock is rising again under such circumstances, even surpassing Nasdaq and S&P 500 gains. In fact, this “bad” news might turn into a profitable opportunity for BlackBerry and its investors.
The officials explained that the error affects only the versions of the OS installed before 2012. As a result, BlackBerry will now charge 2$-3$ per device to update this vulnerable version, which would translate into 100$-200$ million of extra revenues this year.
So, if all plays out, the stock may be a hidden gem for value and growth investors alike, especially as there are some extra reasons for such optimism: BB expects a patent deal to go through, and it’s currently developing an app store with Amazon, which is expected in October.
BlackBerry Price Prediction 2021
Trading at approximately $11.10 as of this writing, the highest price target for BB is $20 in the next 12-month period and a low estimate of $4.50.