The WallStreetBets forum on the Reddit Inc. website on a laptop computer and the logo on a smartphone arranged in Hastings-On-Hudson, New York, U.S., on Friday, Jan. 29, 2021.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares of Blackberry surged on Thursday as the tech company became a main focus of traders on social media platform Reddit, continuing a bout of speculative trading that has rolled through financial markets this year.
The stock jumped 23% in early trading, building on gains of roughly 32% and 15% in the previous two trading sessions.
The dramatic rise comes as meme stocks have once again become a major feature of Wall Street following the rapid rise and fall of GameStop earlier this year. Shares of movie theater chain AMC were also up sharply in premarket trading before the company announced a plan to sell additional stock. The announced share sale took AMC shares lower and also dented the premarket pop in Blackberry a touch.
The trading volume of Blackberry has grown exponentially. More than 346 million shares changed hands on Wednesday, compared to volume of less than 5 million on May 24.
Blackberry was the third-most traded name on Fidelity’s platform on Wednesday, with AMC holding the top spot.
Once a household name as a leading smartphone brand, BlackBerry has shifted to cybersecurity in recent years. The company generated just under $1 billion in sales over its past four quarters.