I think it's important to remember that institutional investors...

I think it's important to remember that institutional investors are at the mercy of risk & compliance.

Given the wider rotation out of tech, and the recent BNPL regulation in Australia, I'd not be surprised if some of the larger investors are being asked to liquidate their exposure to IOU in the short term.

Risk would want to see a reduction in tech exposure, and also even if a BNPL exposure is still acceptable, large cap probably has better optics than small cap from a risk perspective.

Risk & compliance aren't always the most commercial or logical people, so institutionals pulling out because of this doesn't mean that IOU is a bad investment, it just probably explains why the share price has dropped so much so far.

There will be more agile institutionals who can still satisfy risk & compliance, and there are others who will be able to get in at current levels which would obviously present a very different risk profile.

TLDR - hold strong. Market as a whole is volatile at the moment and institutionals have specific challenges that force them in and out of positions. Those who don't have those restrictions should be in a very good position in months to come