Sorry you're right, they didn't recommend to HOLD, my mistake. But never recommended to lighten the position despite being significantly overvalued. I'll repost this with the correct edit:
He offered a feature that published buy/sell/hold alerts and provided personal insights from a team to large holders of Weebit on his website Stocks Down Under. In anecdotal cases confirmed by a holder here, they were never suggested to sell during the run up to $9 while utilising this service.
You are right about the conflict of interest...
The trades/holdings from Pitt Street Research / Stocks Down Under / etc were not disclosed despite significant conflicts of interests on multiple fronts (broker front (Pitt Street), media production front (Stocks Down Under), etc). Blind Freddy can see why someone would "fluff up some research with some wild targets".
For all we know he was selling while not telling big Weebit holders to sell. And the mere fact you can just say, "I'm holding", yet "trimming" the portfolio of a significant portion, that is a poor excuse. And anyone who thinks that ok is being taken for a ride. Or is suspect themselves.
We simply don't know what is going on, but the mere fact there is no disclosures while they are admittedly a "holder" is not enough. I could be a holder and promoting the snot out of a stock while dumping it on the heads of others before the eventual downfall. I could leave myself with a handful of shares so that I may continue to say, "I'm a holder", and unfortunately, that is seemingly good enough for some people here.
ASIC should investigate these entities.
WBT Price at posting:
$2.01 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
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