Well, it depends. Fewer mm's means less liquidity in general, but pgpm is priced very low. I don't see any problem moving shares around in 100,000 share increments, but then again that's only $1000 worth of stock at a penny. That's chump change for a market maker. Now, consider 100,000 shares of Coca Cola (symbol KO) at $45 - that's $4.5 million worth of stock. Sounds like a lot, but even on a slow day like today KO trades about 19,000 shares per minute, which is around $865,000 worth of stock. This suggests you could probably unload 100,000 shares of KO within minutes without adversely affecting the price. Could you easily unload $4.5 million worth of PGPM in 15 minutes?! Never, considering that would be about one-third of the outstanding shares! In a way, PGPM doesn't need that many mm's because the company isn't worth much right now in the grand scheme of things (KO is worth $193 billion). The drawback is that with only 3 mm's each one has a lot more influence over the market because each one is 1/3 of the available buyers and 1/3 of the available sellers (not counting any order matching that bypasses the mm's). So, there's plusses and minuses to having only 3 mm's on this stock, but as a trader I don't see too much of a problem because I've had orders in for up to 500,000 at a time and didn't have much trouble getting fills. If the price goes higher, having more mm's around would definitely be beneficial because it will help to maintain liquidity, which ultimately is supposedly the mm's job (besides, of course, making money!).
