Thanks
@DeadliftsMain sellers were Bell Potter, FinEx, Hartleys, Macquarie Retail, Pershing, Petra Captial and Wilsons.
I believe all of them are mainly serving australian clients, except for maybe Pershing. Pershing has world-wide connections, but is also providing local support, thus their clients are likely operating under Australian tax laws. I believe all them have a good reason to dump SE1 for tax loss selling. I identify most of them as institutions, except for Macquaire Retail who is offering onlinetrading services likely to retail. Interestingly, Hartleys, Pershing and Petra were only active on the sell side..$0 of buys. Likely throwing SE1 out of their portfolios?
Main buyers were Commonwealth, IBA, Merril Lynch, Open Markets.
The Buyers side is more mixed with brokers providing services to retail and instis. Some of the above were equally active in buying and selling. Only IBA stands out with a much stronger buy side than sell side $125k buying vs. $9k selling. IBA has a far more international outreach than the other brokers. IBA also serves as the independent custodian broker for Peak Capital Management, whose CEO is Brian Lockhart and its parent company is Shepherd Kaplan Krochuk LLC. In case these names do not ring a bell yet for you: the website of NanoDx can help you out here.
What i am seeing in the broker data is: I am attributing most of the selling to the tax loss selling season. The sharp drop in share price is only consequential, but also a result of lacking liquidity around the tax loss selling season. After all I am not yet seeing insiders getting out of SE1.
And now i am wildly speculating: IBA showing the strongest buying ambitions could indicate, that non-Australian investors who are not in the tax loss selling season, are new buyers for SE1 as of now. The chances, that it might be Peak Capital Management are low, but not 0
But the main point for me is, that it seems, that IBA might identify as a peephole into the buying interest of other locations like the USA. Maybe it is even a peephole into insider buying, e.g. via Brian Lockhart .
Nowadays, I am asking myself more than before: Who is right? The buyers? the sellers? --> The Market is always right! ...well is it? The market had a positive expectation towards SE1 until 9th of Dec 2020. Was the market right back then? Naaah it wasn't. It has been unfilled expectations since then. And the share price came spiraling down since then. Is the market right now? Who knows? SE1 is a very hard case for me. And I was fighting and doubting with my sentiment Buy toward SE1. But something keeps telling me, that the market is not fully efficient on it. And that would align with PURE's investment philosophy:
PURE believes that falling broker coverage is contributing to significant price/information dislocations within the emerging companies universe. Our solution is a high conviction Fund targeting opportunities where our expertise can add value to a company’s investment proposition.
After all, my research keeps me optimistic about SE1's future. Maybe it is the darkest before the dawn -->
Buy when the cannons are firing, sell on the trumpets.
