My view on the buy back is that it has several facets. I'm sure management would be embarrassed to get taken out at this level so the real driver is to support and nudge the share price with trend. It also sends a positive message to the market regarding the price prospects. A lot of US share price growth in the last year has been supported by buy backs. I don't see the shorter's as a problem, in fact quite the opposite because when you are short your next move is to buy. Unless something catastrophic was to happen such as a total duster at K or market meltdown its hard to see that happening. My guess is that management would like to see this at $4.50-5 fairly soon. MEL have price target above $5 so they should be comfortable to push. I think $5 is entirely possible by xmas and $4.50 likely.
My view on the buy back is that it has several facets. I'm sure...
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Last
$1.74 |
Change
-0.055(3.06%) |
Mkt cap ! $1.394B | |||
| Open | High | Low | Value | Volume |
| $1.88 | $1.90 | $1.74 | $19.55M | 10.90M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 52784 | $1.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.75 | 5000 | 1 |
View Market Depth
| Last trade - 16.10pm 25/07/2024 (20 minute delay) ? |
| KAR (ASX) Chart |