The BlackBerry Priv is proving lucky for the Canadian firm’s stock. This week so far, the stock has been on an upswing amid positive previews of the company’s first Android-based handset.
Good week so far
On Wednesday, the stock jumped 5.5%, continuing the gains of the previous two days. On Monday, the stock gained 4.2%, while on Tuesday shares were up 2.7%. However, the stock has been on a downward trend overall this year. Its most recent high was on Jan. 14 when it hit $12.60. On Wednesday, the stock closed down at $7.16. Year to date, the stock is down by almost 35%.
BlackBerry stock has an average rating of Hold and a consensus price target of $9.27. Of all the analysts covering the stock, six rate it a Sell, 23 see it as a Hold, and two consider it a Buy, while one has a Strong Buy rating on the Canadian firm. BlackBerry will report its next earnings on Dec. 18.
Other factors pushing BlackBerry stock
Apart from the Priv, other factors contributing to a jump in the stock price are the recent updates to BBM and the plan of coming up with an anti-spying phone. BlackBerry recently announced a BBM update for Android, iOS and BB10, bringing many new features to its chat app such as PayPal integration and The Sticker Club.
The Canadian firm opened BBM to other platforms some time ago and is now adding vital improvements with the latest update. Adding PayPal to BBM is seen as a big update, as it makes it easier for to transfer money in a fast and secure way. The feature allows Android, iOS and BB10 BBM users to send money to their BBM contacts, even while chatting.
“With BBM’s integration with PayPal, sending money is now made simple. Just connect your PayPal account to your BBM account & start sending money. It’s that easy,” BlackBerry said in a blog post.
Earlier this week, BlackBerry’s software arm Secusmart and India’s Tata Power entered into an agreement to work on creating a secure mobile communications system aimed at government departments.
“In the era of increasing incidents of espionage in State establishments and corporates with cyber security breaches and data theft, the envisaged association with BlackBerry will increase opportunities to accelerate innovation for high-end secure communication solutions,” Tata Power said in a statement.