We'll see soon enough whether this is a large holder selling or some trading program trying to magnify movements. Question is what could spook a large holder to sell? We know HH have traded part of their holding quite successfully, but would they try and spook the market by placing large orders just outside market, I would think not.
In my mind there are two likely possibilities:
1) A large holder is aggressively selling in anticipation of some bad news... scared about early peak in northern hemishpere flu season? Scared about delays or size of license deals? Scared of lower than anticipated royalties? Who knows, but we'll see soon enough via changes to the company registry (which by the way you can request from the administrator, pretty much up to date).
2) Some trading program trying to profit from volatility aka "high frequency trading". Keep an eye out for short selling volumes in tomorrow's AFR, or follow up aggressive buying.
At the end of the day it could just be a few content shareholders taking profits. Nothing wrong with locking in gains, especially in a market like this.
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