personally, i like a float to be small, but not so tiny that the market cannot take ownership in it. low floaters, as you know, are easy to manipulate -- both up and down.
a 3M float was insane back in the day. that's utterly illiquid and nothing to claim as a positive. what is it now? 11.5M? that's still very small, but starting to open up enough that the spread is tighter and the price action more predictable. jmho.
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