There is a very large short position in the stock:
There is a hefty short position in the stock. No one seems to know who it is comprised of, how it may be churning, etc..
Generally short money is considered "smart", but it's not difficult to see why shorts would be attracted to a stock like Lightwave: $500 million valuation with no history of revenues and a very murky pathway to possible commercialization at this point in time.
Many longs appear to feel persecuted by what they think is a collusion effort by shorts to push the stock down every time it rises. Some think it's a volatility game by institutions colluding with shorts. There is no evidence for that, and the fact that the 2 largest institutions are simply trying to match their index negates it as a reasonable possibility.
This writer believes in supply and demand, and the stock movements have coincided very closely with retail sentiment regarding company progress. When there is news indicating progress toward commercialization the stock moves up. When there isn't for longer than the market expects the stock goes down. When it is in-between it tends to follow the index, although amplified.
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