I'm not against WEB at all in the long term, but to me it's highly overvalued at these levels. Been saying this for weeks when it was above $4
I sold out my last position the other day when i had the opportunity on the rally.
My point on this is that the people's reason's for buying this are just so wrong in my view its not funny.
I don't short sell, I don't ramp, what i genuinely do hate to see is people lose money.
When you look at the dilution affect of the last raise, the potential further dilution from the bond they just issued, the short term upside for this is capped massively. Then take into account they won't be doing any business till at least June next year and it's pretty obvious why this is a massive sell.
I will look to start chipping away when it gets back to $2.50
In my view though there is 0 reason to be in this stock short term.
Good luck all
WEB Price at posting:
$2.87 Sentiment: None Disclosure: Held
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