Hey Jones, thanks for the note. Smartinvestor has it right also about MGB. What is MGB? Keep reading.
Anyone who would argue that the CEO buying up a 1/2 million share and maybe another 1/2 million shares has no clue, is an amateur and a very poor basher.
Not only does it cut the float, but it provides a floor in a tough market like today. Furthermore, there are tons of newsletters and traders who look for exactly this type of thing.
This is frankly a truism and anyone who posts differently is just doing the typical MGB, that is, Moronic Generic Bash. To me, a CEO buying a ton of shares is not an empty pump. I'd rather see that than a bunch of paid promoters promising everything and delivering very little.
If you take a valuation approach
1) the 2 recent accretive acquisitions, of which we only have beginning numbers, supports a much higher price. It sounds like they bring economics of scale that won't hit for another 2 quarters. At .13 Net income, it's trading now at under 7 PE.
2) At .81 - it's a double from here, not much higher than where it went before and the 52 week high I believe is close to 1.90.
3) Finally, I wouldn't underestimate the development in China and the wealth. It's comparable to the US development about 100 years ago, only with greater export growth to a much stronger world (US and Europe). Even if the US markets continue to move down, China plays could represent a diversification and money has to go somewhere.
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