Primecap doubles RIM stake in vote of confidence
Pasedena, California-based investment management firm Primecap Management Co. recently doubled its investment in BlackBerry vendor Research In Motion. According to a recent regulatory filing, Primecap now owns 26.4 million shares of RIM stock valued at about $577 million as of Monday’s close, and the stake represents approximately 5% of RIM’s total outstanding shares. According to Bloomberg, Primecap’s stake at the end of the second quarter of this year was approximately 2.5%. As numerous analysts continue to cut their price targets on RIM stock, Primecap’s continued investment could represent a vote of confidence in RIM’s new BlackBerry 7 phones and its future QNX phones as well, which are due to begin launching in the first quarter of 2012.
Zach Epstein
Zach Epstein is the Executive Editor of BGR. He has 10 years of industry experience, first in marketing and business development with two private Telcos, then as a writer and editor covering business, technology and telecommunications.
![Untethered iOS 5.1.1 jailbreak for iPhone, iPad and iPod touch now available [updated]](http://www-bgr-com.vimg.net/wp-content/uploads/wp-post-thumbnail/BjQaZ7kNeuh6buOfs3Ovq0Ef3d3nryr.jpg)
Leave a Reply