A few profit takers in my opinion , but in 6 months time we won't be worrying about the short term price post this Cap raise whether it is 60 cents or 65 cents
This was by far the biggest raise PGC has ever done , and as a minimum my guess is that up to 10% of the Bell institutional placement went to soft hands and whilst they probably talked the talk about liking the story long term, there job is to lock in return , and in some cases take advantage of the gap between 53 cents and the trading price of the stock to enhance their fund performance , thats their job and they allow companies like PGC to raise money in a short period.
One this stock finds homes and the people who are looking 6-12 months out begin to see a bottom i think the stock will start to head towards $ 1.00 again
I suspect it will take another 1-2 weeks to wash out.
I think there will be good days to accumulate between 58 and 60 and sell between 68 and 70
I did this quite often in the 20's to 30;s and built a good position , over time you can build on the existing position by 20-30% by buying on weakness and trading out on strength 10-15% lower again
The danger is of course as I did find , once it dries up , the stock does not pull back the last time you do it and you need to weather pay up and chased the stock or lose your holding
PGC Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)