Compute this - they have not gone short at 35c and need to cover at 34 to make a 1c profit, most shorts were done at much higher prices and the SP needs to get much higher before they even need to think about covering.
They are most likely thinking of taking profits at 50c if needed which (if they shorted at say 75c) is still a 33% return or more as they are leveraged and have holding costs.
The view that every short seller will all of a sudden decide to buy shares on market and get out of their position is about as valid as that saying every long will sell their shares and get out if it reached 25c...
Does that compute...
Compute this - they have not gone short at 35c and need to cover...
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Last
$6.29 |
Change
0.010(0.16%) |
Mkt cap ! $5.865B | |||
| Open | High | Low | Value | Volume |
| $6.39 | $6.39 | $6.25 | $15.56M | 2.471M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 16021 | $6.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.32 | 18021 | 4 |
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| Last trade - 16.10pm 01/08/2024 (20 minute delay) ? |
| LYC (ASX) Chart |