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GameStop (NYSE:GME) Stock Heats Up Again: Could BlackBerry (TSX:BB) Be Next?

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Here we go again! Just when we thought the GameStop (NYSE:GME) trade was dead, the stock went on to skyrocket from just under $50 to as high as $177. Keith Gill (a.k.a. Roaring Kitty) doubled his stake in GameStop stock after spending the prior week getting grilled by U.S. lawmakers. Undoubtedly, the retail crowd at WallStreetBets (WSB) is not ready to give up on their squeezing the GameStop shorts who haven’t yet learned their lesson.

GameStop stock: WallStreetBets isn’t finished yet

Shorting stocks has always been a reckless endeavour. With the wildly popular WSB subreddit floating around investment ideas, shorting stocks, I believe, could be dead as we know it. The subreddit, which describes itself as “like 4chan found a Bloomberg terminal,” is closing in on 10 million so-called degenerates, and many of them would probably stop at nothing to take the “easy profits” away from the big-league hedge fund managers who’ve been shorting the stocks of distressed firms to bankruptcy.

GameStop-shorting hedge funds probably got way too greedy for their own good, as short interest exceeded 100%, and it cost them dearly, as the retail army behind WSB moved in. I wouldn’t bet for or against GameStop stock, AMC Entertainment, or any other of the U.S.-traded stocks on the crosshairs of WSB, as there’s a high chance you could be left holding the bag at the expense of those who’ve decided it’s time to ring the register.

Could BlackBerry stock be ripe for picking again?

BlackBerry (TSX:BB)(NYSE:BB), however, is backed by real fundamentals, and I’m actually a fan of its long-term growth story. The stock also didn’t blast off, as GameStop did, on Thursday’s trading session. BlackBerry stock actually got punished, shedding 6% of its value on a day that tech and growth stocks crumbled like a paper bag.

At $13 and change, I’d nibble on BB stock here if you’re enticed by the growth story and are willing to hold for at least five years for the turnaround story to really start paying dividends.

BlackBerry’s collaboration with Amazon.com on project IVY is a big deal, and it could turn into a needle mover over the coming years. The stock is now down over 58% from its January 27 peak levels, and if GameStop can enjoy a second spike of life at the hands of WSB traders, so too can BlackBerry stock.

Robinhood: Done stealing from the poor?

Should controversial trading platform Robinhood step out of the way, there’s really no telling how much higher GameStop stock or any other WSB-targeted name can fly. With numerous lawmakers keeping a close eye on Robinhood, I find it more likely that they’ll think twice about trade restrictions the next time around.

In any case, I wouldn’t speculate as to whether BlackBerry will get another boost at the hands of WSB again. If anything, I expect WSB to focus most of their efforts on GameStop stock and its latest spike.

Regardless, BlackBerry stock isn’t nearly as difficult to stomach as the likes of struggling video game retailer GameStop.

BlackBerry stock: Is a GameStop-like 1,000% spike possible?

Fellow Fool Ryan Vanzo seems to think that BlackBerry stock could rise 1,000% in 2021. While I wouldn’t buy the stock with such unrealistic expectations, I certainly would not be surprised if such an explosive upside move happens if WSB grants the stock a second chance, as it did for GameStop and AMC Entertainment. That’s a big if, though.

Personally, I’d nibble into a very small position in BlackBerry stock here. If the WSB brings the heat back to BB stock, you’ll be able to enjoy the ride. But please, do not chase it!

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Joey Frenette owns shares of Amazon. David Gardner owns shares of Amazon and GameStop. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.

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