When trading dried up yesterday arvo I became a buyer and doubled my holding. Almost no shares traded compared to the morning session.
only 11% of shares have traded in the past 3 days on the back of a negative profit update. I see this as low compared to other companies. However the sp has dropped 50%, a lot more than some of the other companies. The profit announcement has holes and I have not had any luck in contacting the company to plug them. But given the directors are buying and in a period that should be considered a black out for directors (being so close to year end), I take a bit of comfort.
CDA is also trading on a PE of 7.2 on last years earnings and yielding 7%. I do not believe that many of the directors would be buying is this was going to change substantially.
Not trying to ramp up the price but looking to put arguments together as to why the price can't/won't fall further, even in the down day expected today as per the SPI.
Happy to read counter arguments
CDA Price at posting:
$1.59 Sentiment: LT Buy Disclosure: Held
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