Today we saw , what I believe is an old/tired and maybe frustrated shareholder sell a portion of his holding aggressive as, what I believe he has done twice before.
I believe a single shareholder sold 3m aggressively on the 28/2 from 2.5c to 1.7c-- down around 30%
I also believe the same shareholder sold 2m more on the 24/3 from 4c to 2.4c --down around 40%
and today I believe he sold around another 1.5m or so, more from 4.8c down to 2.8c--- down 42%
The total volume today was around 2.5m shares, I believe 1.5m or thereabouts came from a single shareholder and bought by half a dozen or so buyers and the 1m extra was what I also believe is day trading algorithms, trading - buying and selling, around, in front, and behind this one seller.
Why would he sell so aggressively?? maybe just frustration, but who knows or cares.
It was another great buying opportunity for the believers.
If, I am correct he would have around 1.5m left and am now convinced he may well do this to us again, and as I said it offers great buying in a stock where what appears to be the other 99.9% of other shareholders are happy to believe and ride this spec multi bag potential. Time will tell.
Ps, the 5c listed options NC6OB, where there are around 32m, have not traded or even had an offer for over a month--- a few believers there !!!!!!!
They are currently last sales at 1.6c, but bid 1.7c with no sellers, implying the buyers here may think this stock must be worth more than 6.7c--- which is their breakeven-- but it does give significant leverage if this stock runs to the valuations i believe it can.
I'll pop into the register next week to inspect an updated shareholder list.
I also believe this company will not do another capital raise this year and it may well be well into the second half of next year. Just my opinion and thoughts, which drive my investing decisions. Some time right-- many times wrong.
Add to My Watchlist
What is My Watchlist?
