BlackBerry Stock Soars To Over 2-Year High Even As Broader Market Struggles: Retail Remains Optimistic
BlackBerry shares have been on a tear since breaking out of a trading range in early December, and they have added over 75% since the start of the year.
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BlackBerry Limited (BB) stock bucked the broader market slide on Wednesday, extending its recent upward momentum.
The stock climbed 8.36% to $5.71 in afternoon trading and was among the top 15 trending stocks on Stocktwits. The upside was accompanied by slightly above-average volume.
Shares of the Canadian company, which has pivoted away from making smartphones to providing intelligent software and services to enterprises and governments, have been on a tear since breaking out of a narrow range in early December. They have added over 75% since the start of the year.
Blackberry’s decision to divest Cylance, an antivirus software developer, and the general improvement in sentiment following President Donald Trump’s election victory were among the catalysts that gave the stock its current thrust.
BlackBerry was a prominent part of the meme stock frenzy that peaked in early 2021, driven largely by high short interest and the involvement of retail traders on platforms like Reddit.
The company’s QNX unit announced that it has inked a multi-year partnership with embedded automotive software development and consulting firm PiSquare Technologies to train thousands of software engineers across India to address the growing demand for embedded systems developers.
On Stocktwits, retail sentiment toward BlackBerry remained ‘extremely bullish’ (82/100) but the message volume dropped slightly.
BlackBerry stock was last up 9.87% at $5.79, off the day’s high of $5.84, which marked the highest level since September 2022.
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