Daily Traders Edge

Reddit’s WallStreetBets has a new favorite stock

June 08
10:21 2021

GameStop and AMC are trading at levels no one could have imagined a year ago. Now, Reddit’s r/WallStreetBets community is looking for the next company whose stock is set to explode—and seems to have settled on Blackberry.

The company behind the once iconic line of pagers and smartphones has seen its shares increase 137% year to date. That’s nothing compared to the 1,472% increase in GameStop and the 2,705% bump for AMC, but it’s the biggest surge the company has seen in two years. And, judging by chatter on r/WallStreetBets, interest is growing.

A look at the subreddit Monday finds seven of the top 20 posts are dedicated solely to Blackberry. (Four others are focused on praising Clover Health Investments.) The stock is currently trading in the $15-$16 range, but the most enthusiastic investors are hoping to see it hit $50.

“Don’t stop, BBelieving!!” encouraged user TehlorO.

Meanwhile, user Substantial_Diver_34 showed a screenshot of what he says is his portfolio that is 100% committed to Blackberry, with over 6,400 shares. It was, at the time of the shot, down $14,000. The post is entitled “What have I done?” Other users gave nothing but encouragement.

“I’ll tell you what you’ve done: You’ve guaranteed your place amongst the millionares,” wrote kingandr3, while Firesice offered “You put in a winning bid…just needs a little time.”

Continue Reading at Yahoo Finance

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