Let's all simmer down for a minute. This is a very thinly-traded stock, and anyone trying to move a block in size in either direction is like a gale force wind hitting a tiny sailboat on open water. So a large move doesn't necessarily mean anything. Plus it would very unusual for an insider to buy shares within a few days or weeks of market moving information. Way too obvious; everyone knows what happened to Martha Stewart and her friends. Often, a CEO buys to show confidence in the company's prospects, and it does sometimes signal the stock is near its low. Personally, I had been losing enthusiasm on the stock because medallion prices seem a bit unreal, and I would rather they didn't get involved in sports ownership, but I have no idea why anyone would short a thin stock with a high div, that seems like an expensive mistake. Maybe they are paying for it. GLTA.
2.5% short is not much but on low volume days that is a significant amount. It could just be shorts hitting a stop loss value in a super thin market. Do you remember a couple months ago when we got thrashed down below $5 for no reason? Earnings showed nothing and it was back to $7.50.
There is a trade called "gunning for stops" that is perfect for summer friday afternoons. All you need to do is clear the board and show a bid or ask about 7% off the range -this kicks in all the stop orders (in that direction) 'at market' and while everyone is either sipping mojitos or grabbing their asses looking for news guess who sets the market? You do you big stock manipulator you!
Looking at the graph it doesn't look intentional. I don't know why anyone would be short TAXI but $7.6 would be a logical stop to the trade.
I would expect at least a good solid rumor by monday open or we go back under $8. Management will say nothing until they have something material to report.