BlackBerry Ltd ( BB ) shares are trading lower Wednesday amid continued volatility following a surge in retail investor interest earlier this week.

What To Know: Despite Wednesday’s fall, BlackBerry shares are still up more than 10% for the week. The rally got started when Keith Gill, the GameStop Corp ( GME ) trader best known as “Roaring Kitty,” posted a simple meme of a person leaning forward in a chair following three years of silence on social media. He has continued posting video clips on X throughout the week.

GameStop ( GME ) shares were the first to move, but it didn't take long before retail traders began targeting other familiar meme names and stocks with high short interest.

Many of the outsized moves across markets to start the week are indicative of short covering. When short sellers exit bearish positions by buying borrowed shares back at higher prices, it often results in a short squeeze. It’s the same playbook that we saw from retail traders in 2021.

According to data from Benzinga Pro, 7.5% of BlackBerry’s float is currently sold short. The number is well below the short interest in other high short interest stocks that are making big moves this week.

On Tuesday, BlackBerry announced that it was recognized with the Customers’ Choice designation in the 2024 Gartner Peer Insights ‘Voice of the Customer’: UEM market for the second year in a row.

“We believe there is no greater reward than commendations by government and enterprise customers, recognizing that our innovative products and support make a difference to productivity – enabling staff to work from anywhere on any device, without risk of compromise,” said Nathan Jenniges, senior vice president and general manager of BlackBerry Cybersecurity.

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BB Price Action: BlackBerry shares were down 7.78% at $3.19 at the time of publication, according to Benzinga Pro.