The nice thing about ADA share buybacks is that it's so lightly traded they really move the SP. They bought 14,567 on Wednesday, a day when the total volume was only 20k. Meaning 73% of the whole days trading was buyback!
Thanks to:
Listing Rule 7.33 - A company may only buy back shares under an on-market buy-back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made.
The wide spread and general lack of market depth severely restricts the number of shares ADA can actually buy back on most days - on the flip side the buyback happens slowly, so unless volumes increase significantly there's a good chance the SP will grind slowly higher in a 'virtuous circle' as the increasing SP pushes up the average price and the buyback works it's way up the queue... The whole Sell side queue is only 76k shares and a chunk of those is just bots responding to others sell orders. The buyback is nominally more than 7m (not that I expect it will come close to that). Unless there is significant news or a Macro event I can see this slowly grinding it's way back to ~1.30 (IMO, obviously and DYOR!)
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Last
50.0¢ |
Change
-0.010(1.96%) |
Mkt cap ! $38.16M |
Open | High | Low | Value | Volume |
50.5¢ | 50.5¢ | 50.0¢ | $17.03K | 33.95K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10627 | 50.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
51.0¢ | 5012 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 10627 | 0.500 |
1 | 6000 | 0.490 |
1 | 2061 | 0.485 |
1 | 2000 | 0.480 |
1 | 2000 | 0.470 |
Price($) | Vol. | No. |
---|---|---|
0.510 | 5012 | 1 |
0.520 | 38301 | 1 |
0.540 | 9999 | 1 |
0.545 | 1076 | 1 |
0.550 | 830 | 1 |
Last trade - 16.10pm 18/09/2024 (20 minute delay) ? |
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