I have a bid today at 15. Why? I definitely think the stock is worth way way much more than that. However, the evidence showed lately that some investors are willing to sell at the bid. Thus, any reasonable investor interested in the stock, particularly those who have shares will wait to grab more shares at the cheap. This slow bleeding will continue as long as investors continue to sell and interest is low. This strategy works best for existing investors as the element of positive surprise will still benefit them. Essentially, they will buy at the cheap if available and they will also benefit if the stock increases because they are already investors.
For example, if you own two million shares in BTGI, you will be willing to wait as long as it takes with the current trend to grab shares at the cheap. If you are hit with great news and the stock goes up, you will still benefit greatly because you are an investor. However, new investors should not play this game. With the upcoming news, the stock could open 100% or 200% higher and they will miss that opportunity.
In Summary, if you are new investor don’t wait to grab shares before the upcoming news.