5 Meme Stocks Redditors are Buying in April

3. BlackBerry Limited (NYSE:BB)

Number of Hedge Fund Holders: 15  

BlackBerry Limited (NYSE:BB) provides security software and related services. On April 7, the company settled a class-action lawsuit from 2013 that claimed that the firm had defrauded shareholders. The shares lost over 2% in value as a result. The lawsuit had claimed that Blackberry had “inflated the success and profitability of the now-discontinued BlackBerry 10 smartphone”. The company agreed to settle these claims for almost $165 million. The company labeled the lawsuit a “distraction” after the settlement. 

On April 1, Canaccord analyst T. Michael Walkley maintained a Hold rating on BlackBerry Limited (NYSE:BB) stock with a price target of $7, noting that the fourth quarter earnings of the firm were “in line” with expectations but guidance numbers were “disappointing”. 

Among the hedge funds being tracked by Insider Monkey, Canada-based investment firm Fairfax Financial Holdings is a leading shareholder in BlackBerry Limited (NYSE:BB) with 46 million shares worth more than $436 million. 

At the end of the fourth quarter of 2021, 15 hedge funds in the database of Insider Monkey held stakes worth $504 million in BlackBerry Limited (NYSE:BB), compared to 20 in the preceding quarter worth $569 million.