Ubs and nab/mlc are likely making good money on gem through shorting. Look at their change in holding notices to see the borrowed shares agreements (in almost every doment submitted over the past year). Triggering stop losses and drying up buyers allows them to buy stock cheaply that they sold on the way down.
Gem has had this high shorting syndrome for a long time. Probably ghost of ABC encouraging the vultures.
As for GEM buying a competitor: unlikely. Gem mgt have said a few times they want to stick to the financial metrics (about 5x ebitda). They explained and almost seem apologetic about last year's competitor acquisition at the higher valuation even though their reasoning was sound.
Anyway, ubs, nab, and whoever else have hammered the sp to a point that I added another 20% or more to our nonsuper portfolio today.
Please DYOR.
GEM Price at posting:
$3.63 Sentiment: Buy Disclosure: Held
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