My take on this is:
Leading into M2 many bought in with the sole objective to sell after the news (hence the SP increase over the last month) After the news, everybody sold, and this scared many other investors who weren't so confident in their own decisions.
I believe many people also decided to sell based on the quality of the announcement, they didn't beleive it lived up to the hype. Also M2 has not been verified by a 3rd party, nor has anyone else seen it in action. This has instilled a lot of doubt amongst holders, again causing sell offs.
People no longer have the same confidence in the management as they did prior to the M2 announcement, and I think that can be seen in the buy side especially. People may have been waiting to buy in on news, but having seen the M2 announcement is simply "okay we did it", they didn't bother.
I do believe in this tech, and I stand by my choices. I however can't see this making a comeback until a new CEO is appointed and a 3rd party review of M2 is shown.
Just my thoughts.
GLTA,
Why the drop in SP, page-5
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Last
20.5¢ |
Change
-0.005(2.38%) |
Mkt cap ! $380.4M | |||
| Open | High | Low | Value | Volume |
| 21.0¢ | 22.0¢ | 20.3¢ | $1.148M | 5.421M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 165683 | 20.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 21.0¢ | 10000 | 1 |
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| Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
| BRN (ASX) Chart |