Grahger Retail have stopped buying, last notice was 7th of...

Grahger Retail have stopped buying, last notice was 7th of February. Previous notices were approximately one week apart. What can we infer?

a. they have reached their own maximum exposure,
b. the shares are too expensive for them, or
c. the outlook has changed.

I note Grahger hasn't also sold any shares.

There is a bunch of turnaround risk with this company, but the interest rate drops that came through mid last year give some favorable tailwinds. And the new CEO is arguably one of the best.

I sold out a couple of weeks back. The main reason is that a low margin business is super volatile (susceptible to economic shocks) and I took the opportunity to put my money with something with more reliable returns. I may live to regret that decision though ;-)