From a CNN article I read today. "They're (buybacks) also incredibly common. Last year, companies in the S&P 500 repurchased a record $882 billion of their own shares. Executives sell more stock in the eight days following a buyback announcement from their companies than at any other time, according to SEC data." I haven't seen any info for ASX companies, but the above has been going on in the US quite consistently over the last couple of years.
The persistent selling the last couple of days has me guessing. I would have thought all the old bulls would be out by now. I thought it strange that many were sold just before the buyback commenced driving the price down to the lower mid 60s.Seemed like the action of shorters but when I checked DDH had very limited shorts. So either the former bulls are still selling, shorters have started, or more probably, IMO, is some of the buyers in the 60s and 70s are cashing in for a 20% profit.
Eagerly awaiting full year results later this month.
DDH Price at posting:
81.0¢ Sentiment: Buy Disclosure: Held
