Dear joel1986
The negative sentiment may evaporate if/when this stops being the 6th most shorted stock on the ASX. See www.shortman.com.au
You are correct that the profit downgrade by itself wouldn't have caused a fall from $4.40 to $1.98. The profit downgrade caused a fall from $2.65 to $1.98. The rest was only "sentiment" but today unfortunately it has been proven that where's there's smoke there's fire.
I was also going long until today. But because of the amazing sudden guidance downgrade coming so soon after +6% guidance had been reiterated, today I suddenly lost all confidence in management's ability to turn the company around before the banks and/or other creditors put RFG out of its misery. Otherwise I would also be "riding out the storm" and even buying more. Another factor is that I realised belatedly today that the apparent strong buying interest apeearing out of nowhere was coming mainly from shorts covering when their profit target for the day had been reached.
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Last
7.4¢ |
Change
0.002(2.78%) |
Mkt cap ! $184.2M |
Open | High | Low | Value | Volume |
7.2¢ | 7.4¢ | 7.2¢ | $82.48K | 1.128M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 497825 | 7.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
7.5¢ | 218440 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 497825 | 0.073 |
4 | 206452 | 0.072 |
3 | 310134 | 0.071 |
4 | 417187 | 0.070 |
1 | 14492 | 0.069 |
Price($) | Vol. | No. |
---|---|---|
0.075 | 218440 | 3 |
0.076 | 178850 | 3 |
0.077 | 221394 | 6 |
0.078 | 99150 | 4 |
0.079 | 825738 | 3 |
Last trade - 15.59pm 19/08/2024 (20 minute delay) ? |
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RFG (ASX) Chart |