@Showtimenot sure, but there are some theories:
1. a year ago, share price was < 20 cents and everyone was recently eligible to a CGT discount on the shares they sell, this encourages trimming or at least 'taking some profit'
2. many investors and talking heads still perceive Zoono as a hand sanitiser company - and peak hand sanitiser frenzy was in March 2020
3. Zoono has been a rare public company that has not raised any $ since IPO, and institutional investors prefer to enter the register by way of a placement rather than buying on market. As such there is minimal institutional representation on the register (apart from Regal), but an over-representation of retail shareholders (7,000+) who generally trade more frequently
4. the market is looking for "recovery stocks" as Wall St, governments and mass media are trying to tell us that a vaccine is going to be out soon, and everything returns to normal. But IMO the time for government approvals, mass manufacturing, logistics & distribution and marketing will take 12-24 months at minimum. Even then, there's no assurance that a vaccine will help us achieve herd immunity. Also, will a single dose be sufficient? Or will we need multiple doses at regular intervals? This would take more time.
5. PH has deliberately decided to keep a low profile, and not give guidance. But if you read between the lines, he's very bullish on the prospects of the business
6. Stockswarmi, a noted ZNO hater, has lots of followers and has gotten some things right in the past, so he has deterred some potential investors
7. Zoono does not have much of a track record, with only 6 months of real performance to go by. The market needs to see sustained quarter on quarter growth.
8. The product tech is not new, but not everyone believe it actually works. It's a fairly novel concept to most people
9. ZNO's share price is already up close to 2,000% in the last 12 months - this is a deterrent to many investors, who may believe that they have missed the "easy gains".
