Thomson Reuters
- BlackBerry shares rose as much as 12% amid increased chatter from Redditors.
- Shares have fallen back to single digits from their January high of $25.10.
- Meme stocks, including GameStop, AMC, and Virgin Galactic, also rallied Wednesday.
- See more stories on Insider's business page.
BlackBerry shares jumped as much as 12% Wednesday amid cheers from Redditors and a broader rally in meme stocks.
As BlackBerry's stock price jumped, so did the number of mentions of it on Reddit, according to HypeEquity data. The mentions were frequently accompanied by rocket ship emojis, which indicate a retail trader's sentiment that the stock price will "go to the moon."
On Wall Street Bets, the Reddit thread that has ballooned to more than 10 million members following the GameStop craze earlier this year, one Redditor said, "Is it finally BB's turn?" And another, "Come on BB!!! $7 more dollars till I break even!!!" Others cheered for the stock to hit $10. "Break $10, and then you may rest," one person said.
Redditors poured into the telecom company in January alongside other meme stocks like GameStop, AMC, and Nokia, in the hopes of squeezing short sellers. BlackBerry shares rose as high as $25.10 on January 27, before falling back down to single digits in the following months.
Meme stocks have been in a broader rally this week. GameStop rose as much as 18% as AMC rose as much as 19%, both adding to gains earlier in the week.
Virgin Galactic, the space tourism company founded by billionaire Richard Branson and beloved by Redditors, rallied as much as 8% Wednesday. The stock also rose Monday after the company had a successful test flight over the weekend.
GameStop, AMC, BlackBerry, and Virgin Galactic were the most talked about stocks on Reddit, HypeEquity data show.
On Wall Street Bets, Redditors cheered the meme stock rally. One said, "GME PLTR AMC BB FUBO ALL BACK IN PLAY 🚀🚀🚀🚀🚀." Another said, "Bro the APES are in full attack mode on SPCE, GME, AMC and BB."