I think the volume is largely explained by the short selling...

I think the volume is largely explained by the short selling entities…

They are on both sides of the market. The daily gross short volume is still high (yesterday 1.6m shares reported as short selling, two days ago 2.5m shares…). So still a lot of short selling keeps the share price down…

And on the buying side the short sellers are covering (older) positions and hence, we see this slightly decrease in the aggregated short position (now below 75m shares…) (even the relatively high daily short selling).

But it takes a long time to reduce the short position for a short seller this way and the risk for them is, that any external event or operational success suddenly drives the demand of the stock and might force a short squeeze…

And this is the reason why we always see the pickup of the short selling volume as soon as we have some operational success…

So far, this strategy worked for them and the STX share price reflects not at a fair valuation…