Slightly strange change in substantials from Acorn having bought in at $2.55 on the 2nd February and now exited at similar average prices post the good news... I imagine that they will still have their core holding intact...and was more of an opportunistic trade
More interesting is the short sellers information on ASIC which shows 2.3% of the register short or nearly 3,500,000 shares short... Not sure if these 2 transactions are related and whether Acorn lent the stock out for shorting and then the company was forced into buying it back off them..
What would be interesting is when the shorters will start to feel the squeeze.. I imagine a good production and operations update at the end of June and a continued firming in the Lithium price could get the shorter slightly concerned. Most importantly will be if they confirm they have sold all planned production for this year and have firm contracts for next years increased production.
Small volumes can move this stock quite aggressively and now acorn have finished selling not sure where shorters are going to get the stock from..
feel this stock could rise quite substantially from it base and chart looks strong for a breakout above $2.85
Will be interesting to see how it plays out over the next quarter.
ORE Price at posting:
$2.84 Sentiment: Hold Disclosure: Held
