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BlackBerry's meme buzz goes silent as company is set to report earnings

3:31 pm ET June 24, 2021 (MarketWatch)
Print

Thornton McEnery

Is this thing on? Is this thing still a thing?

BlackBerry Ltd. (BB.T) is set to report earnings after Thursday's closing bell, but instead of retail traders gathering in a social media media mosh pit of anxious anticipation to see the meme stock's results, the buzz around BlackBerry looks more like an empty room with the sounds of crickets humming and tumbleweed rolling over the carpet

Shares in the smartphone maker turned security software company were down as much as 3% on the day with trading volume well below average. That appeared to be a trend in the meme scene, with both GameStop (GME) and AMC Entertainment (AMC) taking similar dips on visibly low volume.

And the company's popularity on Reddit reflected the quiet day, with social media volume on the stock down by almost 20% on the day, according to HypeEquity data that also showed a stark drop in comments about holding the stock and an almost 70% rise in posts about selling BlackBerry shares.

Analysts expect BlackBerry to lose C$0.07 per share on sales revenue of C$209 million, according to FactSet estimates as the company continues its transition from hardware outfit to hopeful software giant. The majority of those 9 analysts agree with social media sentiment, expressing a "Sell" or "Hold" on the stock, with only one calling it a "Buy."

On subreddit r/BB_Stock, the day's conversation revealed that a number of retail investors holding BlackBerry shares are feeling some softening of their "diamond hands."

"May be wise to sell a certain percentage if you want to take guaranteed profit right now without risk," posited Reddit user Ghilgah. "Just be aware that this thing can very likely dip far lower."

But those concerns were met with a strong chorus of disagreement from Reddit's BlackBerry bulls.

"Cant believe so many people don't know that BB has the potential to be one for the best cyber security companies in the next few years," opined justintan98. "JUST HODL and you'll be rewarded!"

-Thornton McEnery; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

June 24, 2021 15:31 ET (19:31 GMT)

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