The selling pressure most likely came from the two venture funds. Battery Ventures has invested in NTO since 2014 as per their claim. A US based private equity firm. Starfish Ventures also invests money while emerging companies need funding and then after IPO seems to sell large portion of their stake. They seem like local private equity. I've mentioned about Starfish before.
While these privates are selling some of their stake, Regal is accumulating shares overall. Regal Funds, Small Companies and/or Emerging Companies Fund might have large portion of Nitro stake in them. Funds holdings seems opaque to outside investors. Regal seem quite secretive about their fund, but their returns have been huge. They seem to know what they're doing. They also actively trade for their fund. July quarter is finished and we should some more accumulation.
The interesting thing here is BV and SV, main guys, sold at an Off-Market Trade. So who is this mysterious buyer for sure? If they were sold to different parties, then sitting below 5%, you don't have to report and can stay under radar.
Someone actually knows that its hard to find under-appreciated Saas provider with LTV/CAC ratio at 4.7x, aggregate gross margins over 90%, got $60 million cash, AUD, and that's 10% of the current market cap.
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