>>and they sure do their DD before buying into a company.<<
I am sure they do. However, they don't necessarily have to. They could have been instructed to buy from one of the holders of the accounts they manage that did the DD themselves. It could have been someone exercising some warrants they had and wanted to exercise before the price went lower so they could sell. It will be interesting to see how many shares are now outstanding with the next 10Q.