While I appreciate Joey buying, the board should have taken the leadership and shareholder representation at this time by initiating a share buyback. This is the best time for a buyback. The stock is grossly undervalued and DNA can afford this action. Really, Joey's action reflects the board's failing.
Also, DNA stock is already too concentrated (Joey already owns about 1/3 of the stock), whereas a share buyback essentially distributes the net gain to all shareholders. Net gain comes from (a) shareholders reap gains in long run from undervalued share price vs nta and (b) future earnings of bought back shares are distributed to remaining shares.
DNA Price at posting:
46.5¢ Sentiment: None Disclosure: Held
