We can imagine the worst or the best. If I am a substantial shareholder, I know the price will be push through the blue sky on the announcement. Why not sell some as near to the peak as possible and buy them back later knowing the hype will always die down?
Maybe, that account for the big purchases at times.
If they truly believe it is going to be a flop, they would have sold everything.
After all, it was not difficult to dump everything when it was red hot.
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