BB Stock Price: BlackBerry Ltd powers higher on partnership with Baidu

NYSE:BB has had a strong start to 2021, shares are up 171% YTD.
BlackBerry sold 30 of its mobile phone patents to Huawei earlier this month.
BlackBerry (BB) announced a partnership with tech company Baidu.

Stocks Reporter FXStreet

Update: Shares in Blackberry (BB) were higher on Tuesday as BB announced a partnership with Chinese tech company Baidu. Baidu and Blackberry will partner on an integrated system for Guangzhou Automobile Group. Guangzhou Auto is one of the largest auto companies in China and the Blackberry/Baidu system will be used for upcoming autonomous electric vehicles.

Shares in Blackberry (BB) have continued to power higher this year as the stock benefits from strong retail interest and a number of positive news developments. Blackberry (BB) responded to a request from the Canadian securities regulator on Monday saying it did not know why the stock was so strong.

RBC also downgraded Blackberry (BB) on Tuesday saying "BlackBerry is now trading at multi-year highs and above peers."

NYSE:BB has certainly teased its investors with a bounce-back before as the beleaguered former mobile phone maker has seen its stock beaten down to the single digits after years of Wall Street success. Well, BlackBerry is kicking 2021 off on the right foot as the software security firm has added 45% to its share price since the calendar flipped over to the new year. On Friday, BlackBerry saw its second straight day of momentum adding 8.01% to its price and briefly hitting a new 52-week high of $11.56 before closing the trading session at $9.84. BlackBerry is now trading well above its 50-day and 200-day moving averages and many analysts believe the Waterloo, Ontario-based firm is in for a big turnaround year.

The catalyst that started BlackBerry’s ascent this week was the deal it made with Chinese telecom behemoth Huawei for thirty of BlackBerry's mobile phone patents. Well, BlackBerry has not manufactured a mobile phone since 2016 so the patents were really just sitting around collecting dust. It has also been reported that BlackBerry still has over 38,000 more patents in its library so they are in no danger of running out of cash anytime soon.

BB stock news

BlackBerry has also been in the news lately with some big tech companies as it settled an ongoing dispute with Facebook (NASDAQ:FB) over some patent infringement accusations. BB has also established a very valuable relationship with Amazon (NASDAQ:AMZN) when it comes to its connected car platform IVY, which is partnered with Amazon Web Services to transform the automotive software industry.

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