I think most of the volume in EVEP is high-frequency computer systems trading back and forth with the market maker throughout the day. I've read that high-frequency systems now trade most of the volume in the majority of stocks. These systems do trades like buying a few hundred shares, holding them for 15 minutes and then selling them for a 15 cent gain. They work those quick trades repeatedly with both long and short trades. If you consider those computers to be real buyers and sellers, then all the volume is traded by real buyers and sellers.
I don't think two hedge funds can trade with each other repeatedly because they can't be sure they are at the front of the trading queue when another trader is matching their buy or sell price. So if they tried to trade with each other at an agreed price, the market maker or another trader could be at the front of the queue and take the other side of the trade away from the hedge funds. I'm not an expert on the mechanics of the stock market, but that's my understanding of how it works.
This pattern has been evident for a while, the stock is obviously being held down until positive new breaks. In all my years of investing, I have never seen a stock go down so consistently day after day like this one...not even a bounce. Based on this performance, it would otherwise appear that this company if going out of business and that that Utica and mid-stream assets it holds are worth zero. Understand that management is completely unloved by investors and the street, but this kind of performance shows how truly easy it is for money players to manipulate the pps for a low volume stock.
Based on several conversation that I have had in just the past week with Mark Houser, there is real and significant interest in the Utica, especially with the start-up of processing capacity over the past month or so. The experience has been painful seeing the pps crater, and i have both real and paper losses that now far outweigh the value of my current holdings, but I continue to hold on. Hoping that this is a bottom and that there will be a rise from here, but am constantly worried about additional decreases in the pps from here like many other long investors, especially given the ease with which this stock has been pressured down
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