Who may be selling NHLD at $4.40?
There has been no restriction on "selling stockholders" shares from the S-3 registration statement dated February 13, 2014 for over six months (see post #151 for complete list--"The selling stockholders' question matters most").
Some of the largest stockholders on the list have increased their position and many current insiders have increased or remained the same. For example (all numbers are post-split),
*******************************************Filing*************Now
****************************************(2/13/2014)*****(3/20/2015)
Iroquois Master Fund Ltd.**************383,333********845,312
Pyramis Small Cap(and FMR LLC)****433,286********854,705
Fagenson********************************868,129********894,896
Sentinel Capital Solutions****************33,333********107,533
Lincoln Capital LLC***********************33,333********on 1Q call
However, former insiders, Mark Klein and Bryant Riley, do not have to report because they own less than 5% of NHLD's stock.
Mark Klein (513,986 shares) probably has not sold because his additional purchases last year were above the current price.
Bryant Riley, on the other hand, has probably been selling. After his last reported sales at split-adjusted prices of $4.70 on November 25, 2013 and $3.60 on October 25, 2013, he owned 519,206 (excluding 117,000 in Riley L.P.). I think he has been selling his shares slowly, and he may be the one who is now using $4.40 as an exit price. Remember, NHLD has an average volume of less than 20,000 shares (today was less than 10,000).
Not many people own NHLD. As of September 30, 2014, NHLD had approximately 398 stockholders of record and its estimated the total number of beneficial stockholders at approximately 663.
This may change with its recent uplisting to NASDAQ.
