To be fair they bought back about 10% of total volume yesterday. Typically you would target to buy up to a maximum of 20% of daily volume (called participation rate in algo trading). If you do more you typically end up artificially boosting the price.
As long as they consistently do 10%-20% of ADV that’s OK. Remains to be seen whether that’s true on big volume days as well, e.g. when 5mn shares get traded …
MLX Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
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