What happened Shares of BlackBerry (NYSE: BB) soared more than 40% on Monday morning despite no company-specific news. The company is one of the darlings of a Reddit discussion group that has been influencing market moves in recent weeks, and the stock appears to be benefiting from the attention today. So what BlackBerry, perhaps best known as the maker of the original must-have smartphone, had mostly fallen off the radar until recently. The company that was once known as Research in Motion has abandoned the handset business but continues to plug away as a maker of software and services focused on security. Image source: Getty Images. The company's attempted second act was thrusted into the spotlight in December when it announced a collaboration with Amazon Web Services to develop a platform that will help automakers collect and organize data from vehicle sensors. The partnership provided a reminder of the potential of BlackBerry's remaining business, and perhaps caused a lot of investors to take a fresh look at the stock. But December's 12% gains are nothing compared to what has happened in January. The stock is up 182% for the month, including Monday's gains, after BlackBerry became one of the most talked about stocks on the r/WallStreetBets subreddit. We've seen other examples of stocks soaring higher thanks to plugs on WallStreetBets -- GameStop has moved higher apparently due to the group's influence -- and BlackBerry seems to be another beneficiary of the phenomenon. Now what I was bullish on BlackBerry heading into 2021, calling the stock the turnaround story of 2020. Three weeks into the year, I don't know what to think. BlackBerry is building a solid business that I believe could eventually attract the attention of a strategic buyer, but it's hard to justify the stock's current valuation based on the potential of that business. BlackBerry today has a market capitalization of nearly $8 billion and trades at more than 140 times its free cash flow. There's no way of knowing what a stock will do day-to-day, and I'm not predicting the stock will go up (or down) in the days to come. But given the valuation spike there is no reason, based on the fundamentals, to believe buying in today is a good idea. Long-term investors are best-served watching this current euphoria from the sidelines. 10 stocks we like better than BlackBerryWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and BlackBerry wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends BlackBerry and GameStop and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source