BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is gathering the interest of popular investors such as Jim Simons, founder of one of the world’s most successful hedge fund company Medallion fund. Simons is impressed with BlackBerry’s leadership role in the creation of the Internet of Things, according to a report from Motley Fool.
Simons bullish on BlackBerry
As revealed by the SEC filing last week, billionaire investor raised his stake in the Canadian firm, and by the end of December, Simons Medallion Fund had 3.3 million shares valued at $35.9 million.
Jim Simons is one of the best stock pickers on the planet. Since 1982, when the fund was founded, Simon’s Medallion fund returned an average of 35% annually. He is considered to be one of the influential investor.
A few time back, majority of investors lost hope on the stock, when several analysts commented that the Canadian company is losing grip on its phone business, and the loyal customer base of the company are moving to other platforms. The reason for the decline was the excessive competition from the companies such as Apple Inc. (NASDAQ:AAPL) and Samsung. Presently, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is in a better financial position, and CEO John Chen is now focusing on the Internet of Things.
BlackBerry positioned well to dominate IoT
Internet of Things is a brand new technology that connect electronic gadgets to internet. Only few brave companies are working on the technology, and they promised to launch it in the market soon. BlackBerry has been at the forefront with Project Ion, which will support an IoT ecosystem, QNX software and pursue partnerships.
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is in a good position to dominate the IoT market. The QNX software from the Canadian firm is already being used in medical devices, nuclear power plants, and vehicle infotainment systems. Also, the fact that BlackBerry’s reputation is unmatched, when it comes to security, will further support the company’s efforts in the IoT.
According to Cisco, by 2020, IoT will add $19 billion to the world GDP. If Cisco is correct, then with the experience that BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) already has it will be one of the IoT pioneers. May be Simons is also believing the Cisco prediction.