Definitely some strange shenanigans happening of late with the trading in CCX's shares, and resultant collapse in the share price.
For me it just doesn't corelate or compute with where I personally perceive the company to be at in its turnaround journey.
The first big re-rate down (from 50-60c range) following the half-yearly results, was I believe some of the fast opportunistic money flowing out of the stock (by day-traders/hedge funds) who were attracted to the price action & recovery in retail thematic playing out at the beginning of the year. I believe they didn't have the patience to stick around upon realising the turnaround would take a longer with tough consumer backdrop.
Once that money had moved on, it seemed to have stabilised in a new 38-45c range for some months. However someone with a material shareholding has been steadily selling for some time now, which eventually overwhelmed the buy interest & saw capitulation once it broke below 36.5c bottom band around 10 days ago. Whoever it is has not been holding back & trying to get best execution for their shares - they are withholding volume and seem almost deliberate in their desire & intention to push down the share price (clearly trying to take out support levels, rather than drip feed stock in just above those well bid & supported levels).
Interesting thing is declared short positions actually have decreased of late, and last substantial holders were actually increasing (Spheria to near 17%, and Pinnacle to near 8%, as recently as Feb-24). So whoever it is, is either below the 5% substantial threshold, or are both seller & buyer (hoovering up stock in another entity) in which case its probably tax-loss selling motivated). Although the clear attempt to drive down the SP is just too deliberate & relentless, as to be without an agenda.
Damn small caps - big boys can push them around, and play all sorts of games with their financial muscle. In any respect I am quietly optimistic that there is nothing untoward going on. We have a company with no debt, and a number of respectable retail brands & footprint - that of course is operating in a tough consumer market both here & the US - but with management acutely focused on trimming costs & refreshing inventory (after the disastrous strategic errors of two years ago) - our business will eventually emerge from this tough period - a leaner, meaner retailer after a brutal reminder of getting things wrong.
The current market cap of $68M is frankly ridiculous, and I feel in no way an accurate reflection of our company's worth. I think we may well see another big recovery & run up in SP ahead of the August full year results - which are not so far off now. I will not be selling any shares at these ridiculous levels.
Whoever is driving the recent trading activity, clearly has an agenda.
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Last
13.0¢ |
Change
0.028(26.8%) |
Mkt cap ! $47.32M |
Open | High | Low | Value | Volume |
13.0¢ | 14.5¢ | 12.0¢ | $1.530M | 11.47M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
16 | 1280555 | 13.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
13.5¢ | 516433 | 12 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
16 | 1280555 | 0.130 |
5 | 471862 | 0.125 |
11 | 682100 | 0.120 |
7 | 136900 | 0.115 |
10 | 127110 | 0.110 |
Price($) | Vol. | No. |
---|---|---|
0.135 | 516433 | 12 |
0.140 | 861117 | 15 |
0.145 | 783942 | 14 |
0.150 | 389378 | 7 |
0.155 | 159478 | 5 |
Last trade - 11.37am 28/08/2024 (20 minute delay) ? |
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