What's Going On With BlackBerry Stock?

BlackBerry Ltd shares closed nearly 10% higher on Tuesday and extended gains in the after-hours trading.

What Happened:The Canadian cybersecurity, software, and services company’s shares closed 9.47% higher at $11.10 in the regular session on Tuesday. In the after-hours trading, Blackberry shares rose 3.6% to $11.50.

Blackberry was buoyant in tandem with the so-called 'stonks' that are shares favored by retail investors on Reddit.

GameStop Corp and AMC Entertainment Holdings Inc also shot up on Tuesday.

On the same day, BlackBerry announced results from SE Labs’Breach Response test on its AI-driven endpoint protection (EPP) and endpoint detection and response (EDR) products.

Why It Matters:BlackBerry said that SE Labs subjected the two products —BlackBerry Protect and Blackberry Optics— to a “range of hacking real-world attacks” in order to compromise systems and infiltrate target networks.

The company shared the SE Labs’ result report which concluded that the products were able to detect attacks early on and immediately block them from running.

Last week,Canaccord Genuity analyst Michael Walkley upgraded BlackBerry from Sell to Hold and reiterated his $10 price target.