I've had AX1 on my watch list for quite a while but found it difficult to buy in over last 12 months given SP growth (not a problem if you're holding)...
This correction (?) has now provided a great opportunity to enter in my opinion but now it's a question of whether now is a good time or perhaps wait for the next quarterly sales results... no doubt the general market is walking away from many retailers due to recessionary fears and recent results by UNI for example).
My son works in one of The Athlete's Foot (TAF) stores and suggests sales have been comparatively quiet for the last 2 months however they just had a "massive" weekend as a result of Sales/Discounts (note. he doesn't have access to company financial). Perhaps there may be quite a lot of stock on hand, which I suspect AX1 or at least TAF might be trying to reduce in preparation for an economic quiet time ahead??
Reading through the last sales update, there was certainly plenty of confidence that there were still some good times ahead on the sales front and while there have been no announcements recently by AX1 to correct this, it doesn't look like that's AX1's style either (i.e. they generally wait for their quarterly's to provide updates).
Finally, I've noticed that while AX1 transaction volumes have been quite high recently... but many of these (on both buy & sell sides) have been for very low volumes and perhaps algorithm or Bot driven... not sure whether someone is trying to protect the SP or drag it down further?
Anyway... just my thoughts... for those that are interested, and hopefully I'll be able to join you shortly as a SH.
DYOR.
AX1 Price at posting:
$1.77 Sentiment: Hold Disclosure: Not Held
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