Sage, I don't know why anyone would badmouth you. I think folks on the board - certainly the longs - respect when others are direct and upfront about their intentions and opinions. As a fellow investor, I'm glad to know that you made good money with the company while supporting the business endeavors with your investment.
One thing that I think is worth noting is that your sample of one friend's comment who happens to be in the eldercare industry... is kindof underwhelming. Every experience that I've had with anything related to healthcare, whether for myself, my friends, parents, my son, my employees - in every way, I could say the same thing about changes that have been happening every year for the past 10 years. So what's new? My wife is a nurse and works in an assisted living "community" and she loves everything she hears about Progressive Care's value proposition for doctors, patients/residents, facilities and providers. Here's what Armen told INSTATRADER at the Marcum investor conference:
Q: How does the revenue break down by category?
A: 37% General | 32% Compounds | 25% Specialty | 6% long term care
I don't really think Progressive Care is going to get choked out on growth by just one more new regulation in one part of their market. As Armen and Shital have mentioned to investors at the conferences and elsewhere, many changes are occurring all the time. In fact they've pointed out how the landscape has changed in just the past 2 years with regard to "specialty," and "sterile/non-sterile" compounding, and how they've stayed on top of the issues and pivoted to maintain continuous growth and performance. There are various opportunities for growth AND market expansion, organic and M&A type. It's not like Obama declared that all pharmacies in south Florida will now be limited to $1 profit per year for all Medicare recipients.
Of course it's your decision, but it seems to me that you were premature in selling. Monday's volume was all of ~2.9M shares on a green day, so you sold at a fairly good price in comparison to today's close. However, the price drop this week is disproportionate with the volume (total of ~13M shares traded red over this week), considering the ~300M free-trading float.
This tells me two things. The first I already know - but price/trade action verifies - longs aren't selling. You seem to be the rare exception. Though, with all due respect, the size of your position must have been relatively small (less than 500K is my guess - and I'm personally holding more than 10x that number) considering the total volume was only ~2.9M on Monday and we had a green close including your position sellout (and from looking at the buys & sells on Monday). So maybe it doesn't really matter to you much whether you're holding longer or not - not that much to benefit from capital gains and maybe not a tremendous upside potential without a more significant position.
Second, the price will probably recover very easily, as there's very little beef behind the 2-day selldown that we just went through. It's difficult to say whether it will take a day or a week, but there's very little new resistance to push back through with such low volume.
Based on these things, I expect that there are a good handful who sold that will be looking to buy back over the coming days before we fully recover to the high 4's and low 5's. Of course they will be looking for the lowest price possible, but I think some will find themselves chasing.
Hopefully - for you - you'll have the opportunity to see those 3's come through for you, otherwise I suppose there are plenty of other tickers.
