BlackBerry Limited has overtaken GameStop Corp. and now emerged as the second-most mentioned stock just behind AMC Entertainment Holdings Inc. on Reddit’s r/WallStreetBets forum.
What Happened:Canada-based tech companyBlackBerry had 487 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.
In comparison, movie theatre chain AMC Entertainment was mentioned 723 times during the same period, while gaming retailer GameStop had 212 mentions.
GameStop was mentioned more frequently than BlackBerry on the Reddit forum over a seven-day period as well as over the past month, the data showed. AMC had more than 13,100 mentions during the past week, followed by GameStop with 4,271 mentions and BlackBerry with 3,450 mentions.
AMC Entertainment was mentioned more than 24,100 times during the past 30 days, followed by GameStop as the second-most talked about stock with more than 17,200 mentions. In comparison, BlackBerry trailed in sixth place with just 4,697 mentions during the period.
Why It Matters:The stocks that were the focus of a push from retail investors on Reddit earlier this year are riding another wave higher as the ‘WSB army' continues to band together to force a short squeeze.
The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week.
The meme stock rally during the past week has already resulted in year-to-date losses of more than $8 billion for short sellers — those betting for declines in the company’s shares.
GameStop stock’s year-to-date returns stand at 1,078.3%, while AMC Entertainment’s stock has returned year-to-date gains of 1,132.1%. BlackBerry’s year-to-date returns are relatively low at 51.9%.
Price Action:BlackBerry shares closed 1% higher on Friday at $10.07. GameStop shares closed 12.6% lower on Friday at $222.00 and AMC Entertainment shares closed 1.5% lower at $26.12.