Questionable decisions have plagued BlackBerry s co-founders for years, but one decision that even the analysts have condoned is Mike Lazaridis recent sale of more than 3 million shares of the company s stock. A quick glance at BlackBerry s recent history might scare off even the most uninformed investors, so Lazaridis took advantage of the huge spike following the Foxconn news and interim CEO Jason Chen s confidence-building comments during the company s earnings call to dump a significant portion of his stake. Also Read - TCL will not design, manufacture or sell BlackBerry smartphones from August 31
The Wall Street Journal shares comments from two BlackBerry analysts following Lazardis move:
- It s smart for him to sell now, while it s still a liquid stock, said Daniel Ernst, an analyst at Hudson Square Research.
- I think they re finally seeing the writing on the wall, said Edward Snyder, an analyst with Charter Equity Research.
Even with the surprising spike, BlackBerry s stock is still down 36 percent in 2013, and it dropped a further 4 percent the day after Lazaridis sold a chunk of his shares. The former BlackBerry co-CEO has also confirmed that he no longer plans to prepare a joint bid to buy BlackBerry.