If they are buying a market trade it would go up as far as ask price. But if people are buying Sprint shares with Limit trades then they can set the price they want for it. If a hedge fund or Mutual fund dumps the stock to liquidate then pretty much you can get whatever you want for S stock depending on the trading range.
This could cause less float % if whoever is buying these millions of Sprint shares and are holding them at these low prices. Which would cause greater price swings up or down.
I bought Sprint on a limit purchase back on Oct 22nd. I got in at 3.55 and yeah I'm eating it but Im not selling till it goes up. Long term. Day Traders suck and are ruining Wall Street because the model doesn't work and its not as regulated as it should be.
Too much manipulation in our stock markets nowadays.