Depends if their losses on this stock outway potential upside....

Depends if their losses on this stock outway potential upside. If they sell to tax loss harvest they can't buy back for a month.
You would assume that this would have increased by then.

I have no doubt there will be plenty out there that have heavier losses than a 40-50% gain but I doubt there would be that many.
Think this is good old fashion mind game where people losses their money to people that have it.

I'm sure most were looking at the deal being down when this was in the 30-50 mark. For those at open this morning that could've crystalized a ~40-130% gain. These people will also have far more shares because they bought cheap. Only 2.2M shares have traded hands and that could easily be from people just dumping to crystalise their gains. People expecting this to go straight to 86.5c today have seen their 40% rise evaporate to 18%. Now they are prone to sell as they are losing faith in the story. Inexperienced traders as well, thinking an easy buck to be made today would be 20% down as well.

The people that have just sold will most likely at some point re-enter with their gains and capital to rinse and repeat. Someone that sold at open at 68c this morning and bought now would already make 20% more just to get back up there.

Unfortunately, with a buy side so thin, anyone with a holding of 100k or more could drop it multiple pips.

One thing I would say though, is that the walls at 68c and 65c have been take down. It'd take 500k shares to ride this back up to 70c for that larger wall there.

But the reality is this will only stop dropping once people stop selling. I said earlier roughly 11 would be the low of the day. It hit 58 at 11:06

Lets see if we start making our way back up.