Most, if not all of the recent equity placement was bought by Institutions. Even before this placement, Institutional exposure was continuing to grow. As the Institutions report exposures as of 3/31, new Institutions accounted for 2,589,000 shares, while sold out positions accounted for 1,885,000. Increased positions were 5,788,000 shares, while decreased positions were 2,726,000. Prior to the placement, Institutional exposure accounted for 50% of shares outstanding.
Yesterday was an interestind day for us. Stock opened at 13.50, quickly dropped to 13.19, then almost as rapidly increased to 14.19, and then gradually declined back to 13.50, unchanged for the day. On April 1st, the stock also increased to a new high of 14.20 before declining sharply. It looks like we have resistance at 14.20.
On May 14, I posted here that Institutional ownership had increased to 21 million shares or 50% of shares outstanding. Since that time, more institutions have reported exposure as of 3/31/13. Institutional Exposure has now increased to 25 million or 58% of shares outstanding. These numbers do not include the results of the recent stock sale which will in all probility increase institutional exposure to well over 60%.