I agree - VALUE here is very subjective. You could easily get a $14 fair value or a $6 fair value (or less) - but when everything is goign up (substantially) and you see a certain name going down (or conversely when you see a name bucking the downtrend on an extended period) that should ring a bell in your head and get you figuring out WHY - is it possible that I (or you as the case may be) is wrong and made a mistake. I am not sayign where there's smoke there's always fire - but this price action is definately smoke.
I don't care enough about it to dig exhaustively yet (its not cjheap enough for our fund to load up) but I do have a genuine curiosity. I am a sucker for a good conspiracy theory! It could just be that some of the buyers of the PIPE @ $10.75 have reached a 15% pain threshold and are just dumping. That seems too simplistic and if they were a buyer into that offerign they imo are more likley to have a longer term horizon.
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