GFRE will not be taken seriously by institutions and will continue to be met with skepticism until they start to buy back their own stock...They said they have decided to buy back stock, but they HAVEN'T BOUGHT ANY!!!!! Hap is now out of the way, the stock is 40% below the point at which GFRE management stated they felt the stock was significantly undervalued, yet they have not pulled the trigger...Until they do, the question will remain-WHY HAVE THEY NOT BOUGHT BACK STOCK AT EXTREMELY LOW LEVELS AFTER AUTHORIZING A STOCK BUYBACK 8 MONTHS AGO?
You are spot on the money and I agree with you completely. I own 6,750 shares so I am long this stock in case anybody thinks I am a short basher.
With a firm commitment by mngmt to buyback $10 million of stock and not take advantage now of dirt cheap price seems strange and troubling. They say they need funds to expand production which makes good sense but to be able to buy back their stock at such low levels and not do it makes NO sense. I would like nothing else than for mngmt to explain why gsrmf and my thinking are wrong.
Companies have to meet inside trading rules like employees do. I am not sure if there are exact set dates, but many companies have rules like no trading two weeks before a quarter ends (see like Netflix rules as by that time employees would know what quarters results are likely to be) and then no trading until after the release. In such a case, GFRE has not had a time to purchase when their would be no blackout and the stock was below like $8 since they approved the buyback. We are coming up on their first chance as far as I can tell. If they do not buy back over the next month it will be very disappointing. But I think they will.
Earliest they can buy for this qtr is Friday, 5/20. Latest is 6/30.
C level management was just granted 400,000 options each to purchase shares at $4.97 each. You KNOW they want the stock to clear $4.97 by as much as possible. If it takes a buyback to get the price up there you know they will do it.