So, here’s my take in today’s trading.
For context, this stock trades at very low volume. It’s not the kind of stock that market makers are all that focused, other than letting the trading algorithms do their thing - that’s what HFT is all about. The total value of all trades today was less than $1.4 million and that’s all trades from the universe of retail investors. If today’s action was designed to make it easy for short sellers to cover, there must not be much in the way of shorts.
What I believe happened is a single investor, perhaps a warrant holder taking profits, pulled the trigger to sell in the morning once it became obvious that volume remained low and there wasn’t much movement to the upside on the price.
When it became clear the selling had abated late in the day, the price began to stabilize and move up a bit. I actually bought shares figuring the share price had bottomed and was in an oversold position. I also believe that news of the news may be real this time — just my intuition.
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