Share PriceShare price has not seen the high since they began their diversification strategy back in 2017. Company may be worried if they announce an acquisition for say $70M cash, the stock price will go down again as cash balance is whats propping up 50% of the mkt cap.
New investors may also be worried about that scenario, likely why not much buying.
Now, if you do a deal with combination of cash & shares, the market likes that deal better.
But you have to get your stock price up if you are going to use it to help finace purchases.
Another poster here suggested to start buying back your own shares.
Commit to invest $6M year in share buybacks spreadout throughout the year.
Right now that buys you appr. 3.3M shares to cancel.
Between the div & the buybacks that would cost $12M year.
Should be able to look after that with FCF without touching your cash reserves.