5 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into

4. BlackBerry Limited (NYSE: BB)

Number of Hedge Fund Holders: 24   

BlackBerry Limited (NYSE: BB) is placed fourth on our list of 10 Reddit’s WallStreetBets meme stocks hedge funds are piling into. The company’s shares have returned 145% to investors in the past twelve months. The firm provides security solutions to businesses and governments across the world. On June 21, the company announced that the QNX software marketed by the firm was now installed in close to 200 million vehicles worldwide. This is an increase of 20 million compared to last year. 

On March 31, investment advisory Canaccord Genuity upgraded BlackBerry Limited (NYSE: BB) stock to Hold from Sell with a price target of $9, noting that the firm could see software growth if a deal to sell the licensing business of the firm went through. 

Out of 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 $392 million.