Remember the market can stay irrational for a long time, then go irrational the other way. There would be plenty of people that were thinking of selling a few months ago when the price rose to over 30c, only to see it fall, first from the cap raise, then the irrational low of 10c, thinking they had missed out on the top.
Once the SP rose again those people would be eagerly waiting for the price to get back to where they missed selling last time, so started to sell as soon as we came off the top price today. Likewise there would be a lot of sour sophs that were never interested in the stock, but bought the cap raise on broker recommendation, were shocked to see their investment halve, so were looking to sell for whatever profit. We probably lost a fair few of those as well.
I put in a lowball bid on Thursday afternoon last week of 26c, that was hit on Friday, for pretty much the above reasons, expecting stale holders, new and old to exit as soon as they saw a bit of weakness. Once we get rid of those holders the price should eventually reach reality.
$330M Mcap for something with these hits and size is just nuts, but remember we could all have bought CXO at under 2c in 2020, now $1.84, or Pilbara for 13c in 2020, now over $5, there are countless examples...
Basically buy lots when something is cheap, sell a few to reduce risk, hold for the big run. Maybe some are even doing that middle bit in reducing risk today. Personally I'll not bother reducing risk until well over $1 and might add more. Remember the opportunity of a lifetime comes along every Tuesday, but this is looking like the opportunity of the millenium...
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