It does seem dramatic given their reasons for the cut. Might've gotten burned or reached peak frustration.
The next concerns would be how the institutions react in the next few days and whether anyone on the inside is making any trades. We varied almost 20% today on 100k shares traded- which is not a lot in the grand scheme of things. Art and company also lost a lot of money on the value of their shares- and although we can say the volume they've accumulated offsets their loss- a loss is a loss, and people like Art don't like losing value on anything, whether they own one share or one million. My fear is Art dumps his shares. That would be extremely telling. If there's growth potential, regardless of the way he made his exit, he'd retain his shares.
I would like to believe they didn't offer a Q&A bc it's not feasible given the way they did the call. But I know that's a biased excuse. They easily could've done it a hundred different ways to accommodate questions even in our covid-19 world, but they didn't. Why they didn't is concerning--They want to prevent certain information from hitting the public's ears, this is fact...my bias says bc of confidentiality, but my concern is the market's reaction.
-RG
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