I was about to agree with you, but then had a different thought. If they make their money on volume, then wouldn't it be best for their algorithm encourage the price to go in whatever direction is most likely to bring in more volume?
Maybe after a big disappointment the best way to bring in the most volume is to encourage the price to stay down under certain circumstances. In the case of CMGO - they have had good earnings. People are buying because the price seems low, but then when it doesn't rise as expected, they sell. If the mm algorithms didn't encourage it to stay low volume might dry up due to all of the doubts hanging over the company discouraging more buying on the way up.
Just thinking out loud. Thanks for your thoughts.