As to "why" it's trading where it is, from my research and weeding through a ton of valuable and not so valuable posts on here l think the following reasons have a lot to do with it
Time to trial. Seems at this stage and price obviously this is a retail and Day trader play. Thus, many retailers are in and averaged down (as yourself) and are loaded so not adding.
Day traders and swing traders don't have a lot of capital so they don't sit and wait on positions (that's more a value investor / buy and hold when undervalued), and they likely all exited when the company said it was going to the CAFC. The combination of these two issues is why it dipped and and now held. Not a lot of buyers but also no sizable sellers left
Those "traders" will come back in closer to late summer as they all try and get in for a "pop" is my view
Risk also plays a role. There are never sure things in patent cos but I like the odds when a company gets through the patent "death squad" at the ptab with some claims intact, add to that my research on 101 issues and how they will not impact here and this is why I got in. I haven't spoken with the CEO as your friend has but I intend to in the coming weeks and from posts here, he seems very honest and forthcoming.
Patent cos are very risky but do provide huge rewards if they are successful. Given the complexities of technology and law few people understand and are willing to take the risk, and many who do are just gamblers. Institutions in this space are careful and to be honest I think many of them have some inside tips from courts clerks - just a guess but I often see stocks move before a pacer comes out:.. have to wonder . Regardless, until some tut gets in here with size the stock will meander. Or, as I said until those swing traders get back in. Right now many traders just say this is "dead money" as they want volatility to get in and out and make money on swings.
I do think we will see a gradual move up over the next few months however, as the CAFC appeal progresses and those "traders" start trying to position themselves
I had asked a week or so ago about market depth because level 2 shows very little stock between 3 and 6 cents. While I can't see total shares available between those prices and only see best "ask", if there isn't much stock (which seems to be the case), a relatively small buy 15-20k dollar value could almost double the share price.
As I've said this thing is coiled right up.
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