There were quite a few trades of 25 thousand shares or more. All of those trades were between $9.00 and $9.55. Then during the afternoon, the pps was walked down on smaller trades of mostly 100 and 200 shares. During the morning it sure looked like an Institution either establishing or expanding a position.
I was watching with interest---looked like some institution had an agreement with some other institution to purchase 250k-300k shares at $9.95. The Bid/Ask never showed up in level 2 but sure enough there were exchanges made in the 3k to 30k range continuously until the ~300k share exchange was complete. Once whoever it was had aquired their targeted shares, the demand dried up and the miniscule Bids could not sustain the Asks at $9.95 and it drifted down in low volume. That someone put up $3.0 million to take a position in a company with $7 million in quarterly revenues is encouraging. They believe there is value to be had.