Over the past few days there has been one pesky seller offering parcels on 10,000 and 12,000 at $3.95, getting paid and then just reinstating the order.
They have effectively capped the stock at that level, and at the closing auction putting in an offer for a sufficient volume to ensure the price closes either below that level, or below the VWAP for the day. Thereby ensuring the broker the contra trade with their client ill be in-the-money.
The seller seems to have slacked off a little today so maybe the broker order is almost completed?
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