In relation to the 1.18m TLG shorts outstanding, over 800k of those were accumulated on 2 two trading days, 30 Nov & 2 Dec, on the back of the announcement of the LKAB LOI demise. In rough terms, those 800k shorts would have been "sold" at an average of probably around $1.50.
So at today's close of $1.725, those 800k shorts - worth about $1.2m - are 15% underwater, or about $180k. Any sort of decent announcement & subsequent rise will see those figures blow out more.
As is often the case, the shorting logic is hard to follow. In this instance, the 2 day shorting plunge to "help" the share price collapse is understandable & opportunistic given the abandoning of the LOI. But then to continue to ignore a strengthening share price while shorting losses mount, appears very "brave" when any positive announcement from this $1.70 base is going to see that level left behind.
In relation to the 1.18m TLG shorts outstanding, over 800k of...
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Last
74.0¢ |
Change
0.040(5.71%) |
Mkt cap ! $281.0M | |||
| Open | High | Low | Value | Volume |
| 71.5¢ | 74.0¢ | 70.5¢ | $289.2K | 401.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 8275 | 71.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 74.5¢ | 15473 | 3 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
73.5¢ |
Change
0.040 ( 4.46 %) |
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| Open | High | Low | Volume | ||
| 72.0¢ | 73.5¢ | 71.0¢ | 157799 | ||
| Last updated 15.56pm 03/05/2024 ? | |||||
| TLG (ASX) Chart |