If it is going to 'pop' then we need this period of sideways accumulation so the sell side here (market makers in Arc's instance) have a chance to build a long position to be able to sell into. The longer the accumulation period the more volatile/tenor'd the move will be.
I would suggest this relative lack of volatility lately bodes well.
I doubt Pensions funds could invest in a stock of this size due to liquidity constraints as part of the their mandate. Family offices and private funds are more likely.
As an aside, it looks like a period of accumulation at the moment as it's been bouncing around the 4-4.5 level for a while, if the buy-side is accumulating a long position we could be in for a serious pop up soon.
Thank you for your reply Neverlearn, very measured. The reason why I (and anyone else) can't profitably short stock like 88e is the fact that stock borrow on these illiquid stocks is extremely difficult and even if you can get a short position it will never be large enough to really profit, couple this with funding charges and it makes it prohibitively costly (if not impossible) to short stocks like 88e. This applies even more so to institutional (as opposed to us, as retail) as they can't get large enough positions away.