I agree with Joe that the buyer will pay more by placing this oversized order. I don't think it was an attempt to test the register and shake out large shares on a very bad day for stocks, as it wouldn't have been placed at the end of the trading day if this were the case. I think this is a poorly executed order that will simply encourage others to jump ahead of it or run away from it. In fact there was a sell order for 100,000 shares at 36 cents I think it was, which has been pulled as the seller obviously now thinks their shares are worth more. I think the 500k is the extent of the order and is not part of an accumulation strategy. It will be interesting to see whether it gets filled at 34 cents but I suspect they may have to pay around 36 cents for the remaining 400k. I would have bought in smaller more covert lots (if only I had that much money to put into PGC).
PGC Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
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