Don't underestimate HC posters, some are top 10 holders, and others do significant volume short term trades for a margin return.
Look anything I say is purely speculation, but it is fairly standard practice on these boards to kick the guts out of a stock when it is in a decent downtrend for long enough and money is low, because there's usually a good chance that if you push hard enough you can nudge it into bargain price range and then jump in for a swing on a dead cat bounce. On a few hundred thousand shares turnover, its a pretty good trade.
Eventually when a trend reversal sets in all the talk about opacity or other problematic factors usually vanishes.
If there were seriously issues with governance or intentionally misleading information, why on earth would any intelligent human continue to hold and comment here? Whenever I have had a problem with a board, after initially venting my concerns and selling, I never go back. Especially if I havent made any effort whatsoever to have my concerns addressed.
You'd have to be a complete moron to willingly hold and be fascinated with a company that you genuinely had serious issues with, and I dont believe that vocal critics on these threads are morons.
Outside of that, sure there are genuine sellers who have just had enough, but while volumes on down days range from 20-200k and up days 100k-1.5m, I dont see the volume trend as indicative of major holders selling down. Look at the period throughout 2021-2022 when we knew that a top 5 holder was selling out. The down days were 400-600k days.
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