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If youâre wondering why the price of BlackBerry Ltd. stock surged on Monday, youâre probably not alone: even the Canadian technology company itself said it wasnât aware of any impending news that might be stirring up investor interest.
Shares of Waterloo, Ont.-based BlackBerry opened nearly 40 per cent higher when trading began on Monday, starting at $24.86 in Toronto before powering even higher later in the morning. The stock was up 9 per cent in pre-market trading in New York Tuesday morning.
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BlackBerry insiders unload shares amid biggest rally in 21 years
Ryan Vlastelica, Bloomberg News VIDEO SIGN OUT
Corporate insiders unloaded shares of BlackBerry Ltd. amid a frenzy of buying that turned it one of the hottest stocks of the new year.
BlackBerry shares rallied about 5 per cent on Friday to extend a seven-day advance to 80 per cent, its biggest such percentage increase since February 2000. Thus far this year, the stock has more than doubled, making it the top performer in the S&P/Toronto Stock Exchange Composite Index. The shares closed at their highest price since March 2018 on Thursday.
At least two BlackBerry executives sold shares amid the advance, according to filings with the U.S. Securities & Exchange Commission. Chief Marketing Officer Mark Wilson on Jan. 20 sold more than US$990,000 of BlackBerry stock, reducing his directly owned shares by nearly 60 per cent. Chief Financial Officer Steve Rai also sold nearly US$430,000 of the stock on the same day,