5 Rebounding Meme Stocks to Buy in August

3. BlackBerry Limited (NYSE:BB)

Number of Hedge Fund Holders: 20  

Percentage Increase in Share Price Over Past Month as of August 10: 15% 

BlackBerry Limited (NYSE:BB) provides security software and related services. On August 2, the company announced that it would be powering a new sedan developed by Chinese automaker Neta. The latter will use the QNX technology of the former for the sedan. According to the firm, the new tech would provide functional safety, cybersecurity, and reliability of the vehicle’s critical systems while offers users with an engaging, immersive, and digital-first driving experience. 

On June 24, TD Securities analyst Daniel Chan maintained a Reduce rating on BlackBerry Limited (NYSE:BB) stock and lowered the price target to $5 from $6.5, noting that the first quarter earnings beat of the firm was of low quality. 

At the end of the first quarter of 2022, 20 hedge funds in the database of Insider Monkey held stakes worth $421 million in BlackBerry Limited (NYSE:BB), compared to 15 in the preceding quarter worth $504 million.