One of the worst performing stocks in the sector.A decent company with a low market cap. The company is in the penalty box because of the last massive dilution at a low price.
One of the few stocks that is still trading close to its lowest price when some other stocks in the sector have doubled to multiplied 5 times and more. The share prices is depressed because of the last dilution. Some shareholders have been dumping shares well below the dilution price. There have been waves of sellers after the dilution and some even sold today and filled over a million share order.
Before the close, this stock has a positive MOC imbalance of 1198372 shares. That is a decent number of shares. So a few buyers bought shares and cleared all shares up to $.50 at one time there were bids at $.50 but sellers came in and knocked down the bids. Even the MOC trade took place on the bid price.
Today there was a chance for the stock to close at or above $.50. But a few of the sellers left decided to get out.
Based on the review of house position for about 2 weeks and observing the trading activity and the stock electronic market book ( depth) most of the sellers sold by dumping on the bids. At one time there were stacks of shares posted on offers, as the stock did not move up they sold a huge amount of shares under $.50
It seems that the vast majority of sellers at these prices are done. There might be some sellers at higher prices. Market depth does not look that bad anymore at these prices. Actually, there are a decent number of bids building up.
Once the last dilution and protest has been fully absorbed this stock will eventually move up or someone will take out the company at these low prices. Even with the dilution, the market cap is only $166 m. The company should have a decent amount of cash $33 last dilution and cash of $36 million in Sept. If you take out the cash of about $69 m from the market cap then the market is not giving too much value to the assets of the company. It is a decent company. You cannot blame the market. The management decided to dilute with massive shares at so low prices. They had no regard for the long-term shareholders. Amateur management.
The last quarter was brutal and there might be some concern about revenues. There could be some investors getting out before financial results too and others waiting on the sidelines. The company should release the results and be over with and if there is any bad news then let the market know and the stock price can move on.
Stocks in the sector even with much poor fundamentals have multiplied and it is time for this stock to move too. The overhang of the last financing is done or close to be done. From March 1 till today 89 million shares have traded at a share price of $.50 when total outstanding shares are 242 million.
House Positions for C:LABS from 20210301 to 20210312 | 7 TD Sec | 17,340,200 | 8,781,028 | 0.506 | 10,251,751 | 5,223,644 | 0.51 | 7,088,449 | -3,557,384 |
| 2 RBC | 8,513,165 | 4,226,759 | 0.496 | 4,288,661 | 2,098,604 | 0.489 | 4,224,504 | -2,128,155 |
| 80 National Bank | 6,339,930 | 3,205,442 | 0.506 | 2,898,398 | 1,452,883 | 0.501 | 3,441,532 | -1,752,559 |
| 85 Scotia | 4,766,293 | 2,394,478 | 0.502 | 2,527,691 | 1,248,282 | 0.494 | 2,238,602 | -1,146,196 |
| 33 Canaccord | 5,429,345 | 2,696,064 | 0.497 | 3,625,000 | 1,834,744 | 0.506 | 1,804,345 | -861,320 |
| 88 Credential | 1,467,527 | 747,045 | 0.509 | 66,555 | 32,247 | 0.485 | 1,400,972 | -714,798 |
| 124 Questrade | 1,382,022 | 698,932 | 0.506 | 257,050 | 133,006 | 0.517 | 1,124,972 | -565,926 |
| 19 Desjardins | 1,146,141 | 580,946 | 0.507 | 172,380 | 90,549 | 0.525 | 973,761 | -490,397 |
| 79 CIBC | 9,408,168 | 4,765,093 | 0.506 | 8,753,694 | 4,374,451 | 0.50 | 654,474 | -390,642 |
| 89 Raymond James | 294,040 | 147,017 | 0.50 | 65,100 | 31,124 | 0.478 | 228,940 | -115,893 |
| 22 Fidelity | 362,300 | 176,521 | 0.487 | 189,800 | 92,015 | 0.485 | 172,500 | -84,506 |
| 83 Mackie | 200,000 | 97,940 | 0.49 | 33,000 | 16,020 | 0.485 | 167,000 | -81,920 |
| 57 Interactive | 218,963 | 107,587 | 0.491 | 80,845 | 40,045 | 0.495 | 138,118 | -67,542 |
| 53 Morgan Stanley | 970,028 | 488,793 | 0.504 | 846,092 | 466,538 | 0.551 | 123,936 | -22,255 |
| 76 Industrial Alliance | 60,000 | 30,600 | 0.51 | 0 | | 60,000 | -30,600 |
| 143 Pershing | 194,604 | 102,167 | 0.525 | 148,000 | 72,836 | 0.492 | 46,604 | -29,331 |
| 15 UBS | 10,000 | 5,200 | 0.52 | 0 | | 10,000 | -5,200 |
| 28 BBS | 191,072 | 113,666 | 0.595 | 184,990 | 93,741 | 0.507 | 6,082 | -19,925 |
| 48 Laurentian | 3,500 | 1,775 | 0.507 | 0 | | 3,500 | -1,775 |
| 74 GMP | 109,000 | 54,466 | 0.50 | 112,000 | 55,950 | 0.50 | -3,000 | 1,484 |
| 212 Virtu | 996,654 | 495,089 | 0.497 | 1,003,574 | 497,757 | 0.496 | -6,920 | 2,668 |
| 18 Echelon | 12,500 | 6,161 | 0.493 | 27,000 | 18,090 | 0.67 | -14,500 | 11,929 |
| 94 Hampton | 0 | | 66,814 | 30,900 | 0.462 | -66,814 | 30,900 |
| 55 Velocity | 797,211 | 396,457 | 0.497 | 866,762 | 418,215 | 0.483 | -69,551 | 21,758 |
| 62 Haywood | 16,500 | 8,175 | 0.495 | 104,000 | 49,365 | 0.475 | -87,500 | 41,190 |
| 72 Credit Suisse | 0 | | 133,000 | 66,605 | 0.501 | -133,000 | 66,605 |
| 59 PI | 158,300 | 82,311 | 0.52 | 310,000 | 169,875 | 0.548 | -151,700 | 87,564 |
| 3 AltaCorp | 0 | | 200,000 | 110,000 | 0.55 | -200,000 | 110,000 |
| 39 Merrill Lynch | 223,586 | 116,380 | 0.521 | 499,401 | 253,561 | 0.508 | -275,815 | 137,181 |
| 13 Instinet | 3,733,848 | 1,911,059 | 0.512 | 4,209,930 | 2,167,098 | 0.515 | -476,082 | 256,039 |
| 14 ITG | 391,346 | 192,991 | 0.493 | 873,226 | 421,344 | 0.483 | -481,880 | 228,353 |
| 82 Stifel Nicholas | 0 | | 530,000 | 256,476 | 0.484 | -530,000 | 256,476 |
| 87 Beacon | 0 | | 722,500 | 356,968 | 0.494 | -722,500 | 356,968 |
| 68 Leede | 88,500 | 46,837 | 0.529 | 1,499,000 | 803,540 | 0.536 | -1,410,500 | 756,703 |
| 9 BMO Nesbitt | 4,287,752 | 2,165,475 | 0.505 | 9,521,033 | 4,633,669 | 0.487 | -5,233,281 | 2,468,194 |
| 1 Anonymous | 20,503,716 | 10,292,239 | 0.502 | 34,548,964 | 17,524,577 | 0.507 | -14,045,248 | 7,232,338 |