Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
BlackBerry's Bumpy Ride: Security software company BlackBerry Ltd. (NYSE:BB) is one such company.
Entering 2020, many investors had hoped the Waterloo, Canada-based company was back on the right path after reporting 15% revenue growth in fiscal 2020. However, BlackBerry’s rebirth as an enterprise security and software growth company was derailed by the pandemic.
At the beginning of 2020, BlackBerry shares were trading at $6.52. By the beginning of March 2020, the stock was down to $5.17 as the virus prompted lockdown measures across the U.S.
By March 18, 2020, BlackBerry shares dropped all the way down to $2.70 in intraday trading, its low point of the pandemic.
The stock recovered to above $5 again by early June 2020 amid a market rally. On Dec. 1, BlackBerry jumped to as high as $9.69 on the heels of a new partnership with Amazon.com Inc. (NASDAQ:AMZN) to develop an AWS auto industry data collection and analytics platform.
Following the initial Amazon spike, BlackBerry shares dipped back down to around $6.50 to close out 2020.
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BlackBerry In 2022, Beyond: Fortunately for BlackBerry investors, the stock got caught in the middle of a massive coordinated buying campaign in January 2021. Reddit’s WallStreetBets community made BlackBerry one of its primary stocks to buy as part of its targeted short squeeze effort.
The short squeeze sent the stock skyrocketing from under $7 per share to as high as $28.77 in a matter of days. Since the dust settled on the 2021 short squeeze, BlackBerry shares have dropped all the way back down to $5.18 as the company's revenue continues to fall.
Still, investors who bought BlackBerry stock the day it hit its 2020 pandemic low and held on have generated a decent return on their investment. In fact, $1,000 in BlackBerry stock bought on March 18, 2020, would be worth about $1,613 today.
Looking ahead, analysts are expecting BlackBerry stock to rebound in the next 12 months. The average price target among the seven analysts covering the stock is $6.50, suggesting 25.5% upside from current levels.
