RE:TradesSteve33 wrote: 16 million shares will be traded today. That represents more then the entire float. Outstanding is only 29 million. Piper Sandler has a 22 dollar minimum target. Thats why I dont understand people selling with that much upside. That penalty box management is in must be the worlds toughest maximum security prision.
Steve33: You are correct on your three statements, considered individually. 1) 16.47M traded. 2) Exceeds float. 3) Total S/O 29.39M.
But these weren't "people" selling 16M of their shares from their very own portfolios oblivious to the upside to the suggested $22.
So how did we get to 16M? Allow me to explain with two anecdotes.
1) Two decades ago when I was day-trading I got notified by the CRA (different name those days) that I was being audited. Auditor came to my house looked through boxes of hard copies of trading records, lugged them all back to his office, then called me back two weeks later and asked: "Your records show that you traded $19M worth of stocks last year. I'd like to know where you got that much money." Enough said.
2) One morning premarket someone in our day trading group got an email from someone in NYC to watch out for a stock that was going to move that day called IRDM or Irridium. None of us had heard of it and there was no time to research it but soon the market bell rang and IRDM had already traded 2M shares and was up 5%. I went long 10k shares and dumped them just before close for a nice gain of around $7k USD. So did some of my colleagues. IRDM traded some 35M shares that day none of which were from our own holdings.