Post by
FormerHedgie on Oct 22, 2024 2:00pm
Short Interest Update - As of Oct 15 - No Change
The short interest update just came out as of Oct 15th, it remained stable at 227.68k. While I am glad to see that the short interest remained flat for the first time in many months, the continued decline in the stock is not from more sellers than buyers.
I suspect the culprit of this was the "pump" effect of the PM going on TV saying it was his top pick and masses deciding that because he made it a top pick that they were now going to buy. I am pretty sure that if you could see the trading data you would see the PM was a buyer around the bottom price. I think I remember a day when the stock was getting hit following the Michigan loss and a block of around 500k shares traded. It was probable the PM buying that block. So, the "top pick" and the run up in the stock meant the PM was already up around 30%+++.
Now, the poor buyers who got caught up in the enthusiasm of the PM pumping his book on TV will likely relent and sell their positions as the momentum disappears. Unfortunately, there is still quite a bit of uncertainty in the stock and the competitive environment.
I am waiting for more information from the quarter that should soon be announced.
Comment by
zrobertson on Oct 24, 2024 10:39pm
Today they announced a conference call along with earnings. Not sure they've ever had one before. 'All interested parties are invited to participate.' Anyone here going to ask management some questions?