No not quite
When large participants, such as institutional investors, need to buy or sell large amounts of securities for their portfolios, they can divide their large orders into smaller parts so that the public sees only a small portion of the order at a time--just as the 'tip of the iceberg' is the only visible portion of a huge mass of ice. By hiding its large size, the iceberg order reduces the price movements caused by substantial changes in a stock's supply and demand.
Judging by the price movement the IO is on the ask side. We also know the only instit owners are those that own the converts. There are also a number of outside/ non retail shareholders we suspect are selling. Note also the ask very often moves down below the last buy point.
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