The quite aggressive buyback has been interesting.
From the 2-12-24 to the 12-12-24, there has been close to 1m new shorts (920k)~ added somewhere in the range of high $12 to low $13 range.
This actually exceeds the amount of shares that have been bought back in that time period, yet the price has been mostly flat.
It clearly isn't a sustainable or profitable trade if the pattern of the first two weeks of the SBB continues and the price holds up (ideally above $13). I am going to guess the company (and Jefferies - who is being paid by the company to execute the SBB) is well aware of this and have access to more tools than we do.
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