If a squeeze is on, as it is looks to be, half of them are underwater now as they started shorting significant numbers early Feb when the price was $1.85.
Mid Feb started @ 2% shorted with a price of $1.85. 30 million shares were shorted from then to March 5th where the price was squished to $1.35ish.
This means that the remaining 30 million shorted from March to now are out of the money.
Now if you are a shorter who took positions Feb to March, are you out or do you need to get out now to ensure a profit? Those who shorted from March to now are really hoping you are already gone or they are buggered!
On our daily average volume there are a lot of days to cover.
Notice the volume jump from Monday (900k) to Tuesday, Wednesday and Today being over 2 million which corresponds with the jump in price from 120 to 1.31 to 1.42 current.
The game changed Tuesday IMHO when someone jumped in to cover....... now the other lemmings are playing who has the biggest Kohona's game!
Best of luck fellas, I'm looking forward to doubling my money from the tranche bought early April - the bad news is I won't get to the one year hold CGT discount timeframe for my targeted double down!
PNV Price at posting:
$1.45 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)