RE: Bottom has gone in today imo4 Dec 2023 21:50
Redinjun,
I entered over the last 2 trading days (at 4.7 and 4.3) with an average at 4.5p.
I’ve been watching for months and took the plunge when it was obvious a large seller was offloading causing the market cap to drop to what I consider a ridiculously cheap level. The results weren’t great but didn’t warrant such a huge drop, and the sp would probably have dipped to 7-7.5p following the interims if it hadn’t been for the large seller. Much of the bad news was already priced in. A 12M chunk was sold last week and then a 3.6M block delayed sell showed up today from Friday, totalling 15.6M. Sneller’s last TR1 showed he held 8.99%, 17.6M shares, but it’s highly possible he continued to sell down to 8% (without having to notify) which equals 15.68M, so you can see how I deduced it was him!
I think this will recover quickly from this price now he’s out. The stock is very oversold technically so I’m expecting a very strong bounce.