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 retreated following an early surge on Thursday and then bounced between gains and losses, continuing a bout of speculative trading that has rolled through financial markets this year.
The stock closed up 4.1% at $15.88 per share. Shares had jumped more than 30% in early trading, building on gains of roughly 32% and 15% in the previous two trading sessions, before pulling back and briefly turning negative.
Blackberry hit $20.17 per share at its highest level on Thursday and $13.56 at the low end.
The dramatic swings come 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 with 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.
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