BlackBerry Ltd (NASDAQ:BBRY)’s stock has stabilized and is on a rise for about a month now. The better than expected Q1 results also helped the stock movement. John Chen, CEO of BlackBerry Ltd (NASDAQ:BBRY), recently explained the plans of the company and its turnaround plan and all of that seemed to have played in.
CNBC’s Seema Mody and other FM traders were discussing the rise of the stock price and what to lookout for in the near future. The stock of BlackBerry Ltd (NASDAQ:BBRY) gained over 40% over the past month. According to her, investors are getting excited about this stock which is currently about $10 a share. However we should not forget that this is the same stock that used to trade at $140 range with an all-time high at above $140 back in June 2008. BlackBerry Ltd (NASDAQ:BBRY) is still in the early innings of its turnaround according to few analysts and it’s currently in a phase where the short interest is quite high in the stock.
FM trader Jon Najarian was impressed by the rise in the stock price and he feels that it would go higher. He feels that the stock might hit $15 mark by the end of the year.
“I think this stock continues to trade higher, I think it’s mid $15s by the end of the year.” Najarian said
The company has recently launched Z3 smartphone and it’s planning to launch many budget phones for emerging markets. One of the other key factors for this price rise might be the announcement made by the CEO that there won’t be any more job cuts in BlackBerry Ltd (NASDAQ:BBRY).
The main goal of the company is not just to move ahead in the hardware business but also on the software and services sector. Chen recently said that the company is looking to capitalize on the software and services division and make the company a strong market player in that segment.