Blackberry (BB) Stock Price & News: Finishes strong after an early morning spike continues its momentum
- 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.
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Author
Stocks Reporter
FXStreet
