I have one other theory as to why there's so much selling every day...
Recently, MNGA acquired four new businesses in California, Texas and Louisiana. As part of the negotiations, the owners received millions of shares of MNGA as compensation.
These owners probably don't know anything about the stock market and simply want to get their money as quickly as as possible...so they liquidate their shares on the open market. This is what is happening now...and it's pushing the price down each day. Eventually, all the selling will stop when they're out of shares.
Until then, this is a fire sale in my opinion.
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