There is some panic selling at play here by retail investors, but the main reason behind the stunning drop is that institutions needed cash to deploy into the undervalued travel and tourism stocks, which are set to benefit off the back of the vaccine (e.g. QANTAS which is up 8%).
Where did they source this cash from? They sourced it by taking profits from the technology, e-commerce and online stocks (which are less set to benefit from a vaccine), RedBubble was the perfect target for profit taking and is thus down 20%. NEA is down 7.5%. APX is down 9%. XRO is down 4%. APT is down 11%.
The institutions cycled money away from the tech sector and into the travel/tourism/etc. sectors. Yet, the fundaments remain exactly the same for RedBubble. The structural shift to e-commerce is here to stay.
I bought more.
T.E.P.
Over reaction - Price Target still $10, page-4
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Last
41.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $117.3M | |||
| Open | High | Low | Value | Volume |
| 40.0¢ | 41.5¢ | 39.5¢ | $80.61K | 199.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3185 | 40.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 41.5¢ | 60505 | 2 |
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