R.I.P. Hermii, page-6

They got extremely cheap shares > IPO day was a bloodbath > they panicked, locked in a very decent profit, and are probably just waiting to see what happens.

that's how I see it anyway. If I got super cheap shares on some micro cap IPO I would probably dump them on open and come back in a month after all the flippers are gone, jump in and ride it for the long run.

Also after the crazy year we have had in the markets, many large investors will be selling to offset tax, among a million other reasons why people sell shares.