Benzinga | Nov 3, 2021 10:45AM EDT

Why BlackBerry Shares Are Rising

BlackBerry Ltd (NYSE:BB) shares are trading higher in sympathy with Bed Bath & Beyond and other popular Wall Street Bets stocks following announcements from Bed Bath & Beyond.

Bed Bath & Beyond announced a strategic collaboration with The Kroger Co (NYSE:KR) to directly offer Kroger customers a selection of goods focused on home and baby products through Kroger.com, as well as a small-scale physical store pilot.

Bed Bath & Beyond also announced the launch of a new digital marketplace to build on the home and baby categories.

"The marketplace will expand its assortment of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform," according to the company.

Lastly, Bed Bath & Beyond said it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal-year 2021, which is two years ahead of schedule.

According to data from Swaggy Stocks, BlackBerry is the 7th-most-mentioned ticker on the popular subreddit WallStreetBets.

According to data from Benzinga Pro, BlackBerry has a total share float of 500 million, of which 40 million shares are sold short.

BlackBerry is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises. The firm provides endpoint management and protection to enterprises, specializing in regulated industries like government, as well as embedded software to the automotive, medical and industrial markets.

BlackBerry has a 52-week high of $28.77 and a 52-week low of $4.52.