Im sure there has been some covering the last few days. In fact, I would say the majority of the buying is short covering since there really isn't any news to generate new buys. I'm thinking they are trying to quietly cover to lock in profits, but with virtually no selling at this level, it's hard to cover without moving the price up.
I wonder what the shorters are still waiting for. I don't think the price can get any lower than 8.6 as we saw, so why are they not covering? Do all the 20M+ shares holders think the pre-results are fraud and it's going to get even lower? I (with buying price at 11$ average) am starting to get nervous.
Robin, there's no way that many short shares can cover at one time. The stock would go to 12 or more. It's just like when a fund is trying to accumulate shares in a company that they like, they buy on dips. Well, this is the reverse of that, they are buying to cover on dips. That's why you will see it go up .20 and down .10. They are trying to unwind a little at a time. The killer for them is if any unexpected news breaks and the stock gaps up. At this point though, I don't think they see that as a threat, so they will cover a little each day. I'm not sure exactly what connection the Prague listing has to do with such a large short position, but if and when they move the listing from Prague to London, we could see some major movement.