Shares of Research In Motion Ltd(NASDAQ:BBRY) have been under panic mode as the stock continued to slide for the fifth session on Thursday. The stock is gapped down by 6% on heavy volume, extending its weekly loss to about 21% (since last Friday).
The company’s recent launch of Blacberry Z10 have been gathering mixed reviews from analysts despite the solid debut in U.K and Canadian markets. In just few days, Z10 went out of the stock and the company reported its best ever debut of any smartphones.
This morning, accoriding to a SEC filing, the company’s former CEO Jim Balsillie has no holding on the company’s shares. Just a year ago, he had 26,840,490 shares. Balsillie stepped down from the board of the company, then called Research In Motion, last March. He and former co-CEO Mike Lazaridis were replaced in the top job by Thorsten Heins last January.
The stock had solid pop up in the month of January and soared all the way from $11.72 to its new 52-week high of $18.32 in just three-week. Then the stock pulled back to $13 just following the launch of Z10.
However, the pullback was short lived and the stock recovered back to $17.22 by Feb 8, 2013. However, after that rally, several analysts started questioning about the company’s potential and said that the company’s Z10 is not a proper solution for the turn around.
Yesterday, couple of analysts raised questions about the company’s potential. Another analyst from Wedge Partners said that , that network carriers in the United States are not optimistic about selling large numbers of the Research In Motion Ltd(NASDAQ:BBRY)’s Blackberry Z10.
But, considering the initial success, its pre mature to comment anything bad about the company’s success as the company has witnessed solid initial demand. Soon the company would see the launch in U.S. which could be the next trigger for analysts as well investors.
Moreover, the company is scheduled to launch Z10 in India on February 25.
Keep your eyes on BBRY before any clear trend as the stock has now fallen back below 50-Day Moving Average of $14.29.