News: CDD Cardno Sees Fy21 EBITDA In Range Of $40 Million To $45 Million, page-35

Whatever the case - the stock looks super cheap to me, and the buyback is making us all richer - far better than a dividend IMO, assuming there is not something relevant I don't know about that would change my mind.

Could be a few holders taking advantage of the liquidity for whatever reason. I hope they are selling for a liquidity or policy reason rather than an outlook reason. I don't care if CDD drops out of any particular index.