No question the sub underwriters are selling. They take on...

No question the sub underwriters are selling. They take on sub-underwriting commitments to ensure they get their order filled and because they will get a discount on the stock in the form of the broker/underwriter passing on part of the commission they receive. The fee passed on is usually 2-3%. A sub-underwriter can the afford to sell down to $1.45 (3% fee) or $1.47 (2%) before they start to lose money. Bell's report was a tight line. They gave a good price target to provide support, but the report, as written, was not overly bullish. Hard for anybody to ping them on it. Imagine if they raised that kind of capital and put a hold or a sell on the stock. Their customers would be leaving in droves.