I doubt that was longs liquidating. For whatever reason, I think it was actually more shorting.
I think they play games with the weekly options and that has something to do with it.
Look at the one day chart...... there was big buyers at 9.21 and 9.20 all day......everytime the stock sold off to that level they picked it up!
A little past three the position from 9.19 till 9.10 was weak, so I would agree that a probably a hedge fund shorted as the purpose was not to get the best price for the shares ( about 1 million shares if im not mistaken)
but to make the price drop into the close!
Let me fill in that "whatever reason" for you... MONEY... plain and simple... market makers control the market and are given privileges by the SEC that the average investor doesn't have. It, for example, is not illegal for a market maker to naked short a stock... they have a lot more money and a lot more privilege... and also don't pretend that if you were in their position that you would do anything different... you'd be holding hands with them and singing the money dance...
be sure that is what they do - small mkt cap is not hard to manipulate if you have billions to play with? I think I am out completely tomorrow! SEC does nothing, these guys have too much power!