Here's my thought(s), best to grab a drink first...
Some of what we've seen is definitely shares getting sold into the market, hence the increase in the OS over many months. I think though hard to watch now, it will of course pay off later. We were going to eat that $hit sandwich eventually. Now at least it's a smaller serving.
Additional supply of shares is those that were fortunate enough to get their position 0.000#, 14-15 months or more ago. Some of those watched the SP linger without a big jump. They missed the twin peaks last spring, failed to sell or were unable to as the support for price quickly faded.. But yet wanted to take some good profit, but essentially stagnant growth and get into other faster moving equities. AKA take the money and run.
So here we are, PCTL making many great moves, probability of the company survival is good, Yet has some drag from it's recent but impactful past. PCTL is really not that old of a company, to consider now vs then. Now is now, it's a different PCTL. Gathering professional staff, continuing to develop market, improve products, to me that says future. Look back, I'm not one to say NASDAQ by June... the "to mars" thing is just a poke. I'm settled here for a long road. I've got some "on fire" stuff sure. One Up over 1600 percent since mid December 110M vol today and a stop sign, go figure. So PCTL is one of my real investments. Oh ya your question, I don't smell a fish, retail buyers are cleaning up piles of almost free shares, once done the SP will have traction.
Said WAY too much. not sorry :)
