It's rare to see half the day's volume traded in one minute, except at the beginning or end of the day. There was a large seller or sellers asking 5.02 & 5.01, some probably left over from the large ask at 5.02 near the close yesterday, and a large buyer or buyers took them out in one minute. Hopefully, that establishes a baseline from which we may move up.
I don't believe it was prearranged because it started with an ask for over 200K or 300K at 5.02 (maybe the guy from yesterday), and then another ask appeared for about 138K at 5.01, and then a buyer or buyers quickly took them both out. If it was prearranged, it would have been just one large ask at one price.
i agree that someone is buying alot. it does look like the insiders got out before earnings and are now loading up on the stock, knowing that there was a perfect storm of factors that caused zagg to miss the revenues so badly. if i were the buyer i wouldnt try to move the price up very quickly though. i would just let it baseline down here and hope that more people simply give up. but the fact that the buyers will take that many shares says alot. i wonder how much of this is short covering and how much is long-term buyers?