- NYSE:BB added 4.01% on Monday as broader markets continue to hit all-time highs.
- BlackBerry’s strong fundamentals are keeping it afloat as other meme stocks deflate.
- BlackBerry is still up over 100% in 2021, despite crashing back down to Earth.
NYSE:BB investors are still trying to catch their collective breathes as the Canadian company was dragged into the great Reddit war between retail investors and Wall Street. BlackBerry surged to a 52-week high of $28.77 at one point in late January before falling back down to its current price levels. On Monday, as the broader markets continued their February rally, BlackBerry added 4.01% to close the trading session at $13.76. While BlackBerry continues to trade in a volatile matter, it has still managed to return 118% to investors over the past 52-weeks, and at one point was trading for as low as $2.70.
While BlackBerry has managed to stay relatively steady throughout the recent chaos, other meme stocks like AMC (NYSE:AMC) and GameStop (NYSE:GME) have tumbled, losing nearly 70% and 90% respectively since the late January highs. The difference between these stocks and BlackBerry is that the former smartphone maker has legitimate business partnerships lined up for this year, including the notable relationship with Amazon (NASDAQ:AMZN) and its AWS platform, as well as other prominent companies like Hitachi and Salesforce.com (NYSE:CRM) branch Tableau Software.
BB stock forecast
The biggest issue BlackBerry continues to struggle with is to distance itself from its smartphone past. If anything, BlackBerry should be looked at as a cybersecurity company like CrowdStrike (NASDAQ:CRWD), which currently trades at around 60 times sales, while BlackBerry is trading at a sales multiple of less than ten. Needless to say, BlackBerry will emerge as a company that is much stronger than the other meme stocks that it was grouped in with.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.