BlackBerry is Reddit's latest meme stock
The stock price has soared in recent days, and AMC has started to rise again. Run on the stock market. After rising 32% and 15% respectively in the past two trading days, the stock price rose by about 7% on Thursday afternoon.
The BlackBerry price hasn't quite hit the heights of a short squeeze back in January, when it reached $28.77, but it has still more than doubled since the start of the year. Trading volume has shot up dramatically as well, from less than 5 million shares on May 24th to more than 346 million on Wednesday.
The r/wallstreetbets subreddit, where the AMC and GameStop pumps largely originated, is full of threads about BlackBerry at the minute. One redditor cited their rewarding experience of working on the BlackBerry factory line as their reason for investing. BlackBerry has shifted its focus to enterprise software and services in recent years, after fading as a smartphone powerhouse.
At the same time, AMC is running under another Reddit driver. After announcing a plan to reward small investors with special screenings and free popcorn, its stock price almost doubled on Wednesday. The stock has risen by more than 2,400% from the beginning of the year. After AMC announced its cash out plan, it fell by more than 30% on Thursday, but after the company sold 11.5 million shares within a few hours, the stock price rebounded. At the time of writing, it was trading at $67, a 4% increase from Wednesday.