I wanted to start by sharing some broker data from the past year - it gives a clearer picture of where AZY stands right now. The chart shows how shares were accumulated and distributed by clients of three brokers: Euroz Hartleys, Interactive Brokers, and Canaccord. Euroz Hartleys and Canaccord are definitely catering to professional clients. Interactive Brokers is harder to pin down based on my experience.
Here’s what stands out: - Euroz Hartleys added a lot to their positions in September and October and haven’t sold much since. - Meanwhile, Canaccord’s clients have been steadily selling all year.
In the August 28, 2023, capital raise announcement, it was noted:‘Euroz Hartleys Limited, Canaccord Genuity (Australia) Limited, and Shaw and Partners Limited acted as Joint Lead Managers to the Placement.’
Here’s another interesting (and positive) observation. When I grouped the accumulation/distribution data for four retail brokers, the trend showed a pivot - retail investors are selling. This usually signals that professionals are stepping in to buy.
Lastly, here’s what stood out in the trading data for December 19th and 20th: - Interactive Brokers is still topping up. - Ord Minnett, a professional broker, also took a decent position.
AZY Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
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