Sydney, there are advantages and disadvantages to both low number of shares on issue and high number.
Advantages of high number is liquidity. Traders love it. Also they tend to be a less chance of being under the radar.
Advantages of low number is that when they move they can move quick but tend to be pretty gappy and often illiquid. Often low issued shares can fly under the radar for years before they are well known even when there are ticking boxes.
BLK is a good example of a great stock that is too illiquid. Give that stock another 500k shares and it wouldn't still be sitting at a $10m market cap.
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