Unusual Role Reversal Force Driving BlackBerry
January 17, 2014 by Jon C. Ogg
John Chen’s actions here may only be part of the action. The stock of the struggling smartphone player is up a sharp 20% from the $7.44 price at the end of 2013. Friday actually marks the second trading day of the twelve trading days of 2014 that we have seen the stock go above $9.00.
Citron Research is usually known for its short sell idea focused articles, but the research shop has shown that the short selling mentality here needs to be dropped. A short squeeze could drive BlackBerry shares even higher, maybe even up to $15. Citron’s report is a 12-page reversal of fortune report. Again, Citron is often known for being negative on companies.
Blackberry shares were up 4.4% at $8.94 on almost 20 million shares. The 52-week trading range is $5.44 to $18.32.
We would point out that the consensus price target is down at $7.00, but analysts have not been key drivers on most days and investors are generally not buying or selling BlackBerry based just upon its valuations.
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