Institutional Selling in 3QI thought I bought near the bottom at $1.20, but 70 cents is getting silly.
I looked up the instituional holding on Reuters and found some pretty amazing selling in 3Q by institutions.
2 institutions closed their positions, 2 institutions reduced their holding, and zero institutions increased their holdings. Net selling by institutions in 3Q totaled 8, 389,700 shares.
I think I am interpreting the data correctly: Total shares outstanding are 93m. Institutions used to hold 51% ot these. Now they hold 42%. There are now 17 institutional holders.
8m shares is a lot for retail investors to absorb. No wonder the price went so low. But this stock must be an embarassment to fund managers. Either that or the old fund manager got fired and the new fund manager is cleaning house.