shares rose 6.8% during trading on Tuesday at $ 9.59 a share, after the hedge fund Third Point, investor Daniel Loeb, bought 10 million shares of the smartphone maker.
Third Point said Friday afternoon that now holds a 1.9% of BlackBerry, becoming the fifth largest shareholder of the firm based in Waterloo, Ontario, according to Thomson Reuters data.
Later, shares pared gains to end up 5.35% to $ 9.46 per share.
the Toronto Stock Exchange the shares of BlackBerry went up 6% to C $ 10.47 during the day, but ended the session with a gain of 5.07%, to C $ 10.37.
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Hedge fund sometimes has requested changes in the companies in which it holds shares. Sony bought 7% on last year and tried a split in the entertainment business from the Japanese company. Also requested changes in large companies such as Dow Chemical Co. and Yahoo Inc.
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was not immediately clear if Third Point may seek changes in BlackBerry, trying reformulated under the leadership of its CEO John Chen.
Chen has worked quickly to implement a series of changes in the company. A company spokesman was not immediately available for comment.
The Canadian company also got a boost on Tuesday after FBR & Co. raised its rating on the company’s shares to “equal to the market performance” from “underperform the market.”
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