Ann: Appendix 3B, page-26

Good question that leads into some grey areas. I try to stay agnostic so instead I'll provide a view on how to view it, rather than the view itself.

There are 2 types of buyers, retail and professional/institutional. So the question is:

1. Why do retail investors not want to buy the stock? Low risk aversion, weak knowledge of investments, scared by the down trend, pursuing other opportunities, etc.
2. Why do institutional investors not want to buy the stock? This is the important one and as I understand it, they DO want to buy the stock. The top holdings appear to be institutional investors iirc.

So then the question is, why do they not want to buy the stock IMMEDIATELY available on the market? Avoid driving up prices, waiting for catalysts, waiting for more funding, waiting on TA improvement, trying to spook retail investors for a larger slice of the pie, etc.

This is where people need to make a judgement call based on their own understanding and research.