Shorters are sitting on big profits at the moment. They're in the "greedy" phase, like we were when it went up to $14-15 after FY results and thought it was a shoe in for $16. Only 7% and 4% short volume over the last 2 days, so it's basically holders capitulating.
The share market always overreacts in both directions. It overreacted when it went too high and will probably overreact by taking it too low. At current price I don't think it's at total overreaction stage yet. It's trading at forward earnings PE ~19. An over reaction would be ~15, so around $5. Remember that we need to price in a discount for current management/board as well. I'll put in an order if it gets to low $5s.
Disclosure: jaded ex-holder
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