Would somebody care to postulate? Over the past week, just before the market opens, usually at about 09:45, an order goes in for 1,000,000 PDN at 17.5 cents. It is usually filled during the day's trading, but I'm interested in knowing why this order appears, at this particular time, and at 17.5 cents - it would appear that if not for that order, the price would slide to 17 cents, or possibly a bit lower.
Is it a computer generated trade, or is someone trying to maintain a benchmark of 17.5 cents, and if so, why? Would it be someone on the inside, with knowledge of the affairs of PDN, or could it be an existing shareholder, who is trying to bolster the value of their existing shareholding?
I would have thought, that if its the same buyer, and I presume it is, why wouldn't they let the price drift lower, before shelling out for 1,000,000 shares each time. A .005 cent movement means $5000 on a million share purchase, so why wouldn't they just sit back and wait a bit - is someone keen on not seeing the price fall to or below 17 cents?
Your thoughts, please...
Expand
(20min delay)