shares have tripled this year, including a more than 40% rally on Monday, on very little news.
The stock jumped 43.5%, to $20.15 on Monday, reaching the highest price in 10 years, though the gain later diminished to a bit more than 30%. At $20.15, the stock was up just over 200% year to date, giving the company a market capitalization of about $11 billion
The company didn’t immediately respond to a request for comment on the stock move.
While people may still remember BlackBerry (ticker: BB) for their once ubiquitous smartphones, the company has morphed into a security software company, with a continuing interest in software for autonomous vehicles.
The latest move in BlackBerry shares appears to have been kicked off by a Jan. 15 report that the company had settled 2018 litigation with
(FB) alleging that the social-media company had infringed on its patents. Facebook had countersued BlackBerry making similar claims. While BlackBerry confirmed that the suits were settled, no terms were announced.
A few days later, BlackBerry confirmed reports that the company sold 90 patents related to smartphone technology to Huawei Technologies, saying the intellectual property was no longer relevant to its business. Terms of that deal were not disclosed.
BlackBerry shares had a previous surge in early December, after the company announced a deal with Amazon Web Services to jointly develop and market a product called Ivy—a cloud-connected platform that lets auto makers read and analyze data from sensors in vehicles.
The company said auto makers can use Ivy “to create responsive in-vehicle services that enhance driver and passenger experiences.” Terms of that deal were not disclosed.
In December, the company posted revenue for its fiscal third quarter, ended Nov. 30, of $218 million, down 18% from a year earlier. The company lost $130 million, or 23 cents a share, in the quarter. The consensus call among Wall Street analysts is that revenue this quarter will be $246.1 million, with profits of 3 cents a share.
Write to Eric J. Savitz at firstname.lastname@example.org