The share price of once darling Canadian technology giant BlackBerry Ltd. (TSX:BB)(NYSE:BB) has absolutely taken off recently, with shares soaring to fresh 52-week highs last week. Personally, I think this stock has a lot more room to run, and the positive sentiment surrounding this stock is well-warranted right now.
Many investors may ask: what’s all the buzz about? Well, BlackBerry just recently announced a potentially lucrative partnership with Amazon.com, Inc. (NASDAQ:AMZN) in which the two tech companies would pair up on tackling the connected vehicle market. The specific software that was targeted from Amazon was BlackBerry’s IVY and QNX software platforms. These products would improve data collection from vehicle sensors, and provide a more efficient and enjoyable entertainment experience for users. I think this partnership is a massive breakthrough for BlackBerry, a software company that was deeply in need of product confirmation by the market. The company has received confirmation, and more, from this recent deal.
Additionally, BlackBerry recently settled a lawsuit over the usage of messaging alerts and some design aspects of its messenger program. The company also sold some patents to an international buyer, a move that was both controversial but potentially lucrative for this company. It appears BlackBerry is utilizing its impressive portfolio of patents in a way the market likes, and is likely to see a significant bottom line boost from these moves. Having more capital to work with is always a good thing, particularly given the capital needs required with working on its software program. I think there are a number of drivers in place with BlackBerry that could take this stock much higher right now.
Invest wisely, my friends.