Today is a brief respite--slide not over yet--institutional holdings down...
Institutional holdings were as high as 67% prior to the secondary--dropped to 61% following the secondary due to dilution--but are now down to just 55%--the lowest it's been in a while. Charting the stock shows a likely correction down to $38-$40 where there will be support before turning up again. Just my opinion. But I bought just prior to the split and got hammered like everyone else--except I bought all the way down to $29 knowing that the stock would turn up--and sold in the mid-40's to as high as $46.70 making a very nice profit and then watched the stock overshoot and go to unjustifiable levels--no matter how fast anyone thinks the company can grow. When the company offered the secondary at $40 when the stock was trading at $43 the day before seemed like a bit of a red flag to me, but for the stock to skyrocket 30% immediately after that didn't make any sense. When it comes back down to more reasonable levels given the 30% growth rate I'm back in big time--but for now I'll watch from the sidelines as the mid-quarter swoon and consolidation take place. I think that the investors who took advantage of the secondary are going to start getting a little skittish as the stock starts to approach their buy-in level also adding to the selling to come.
it annoys the hell out of me when somebody, mgm in this case, puts up REAL information with a REAL opinion.... and somebody tries to shoot it down with 7 words or less.... which include ZERO information.
if the guy can't give his opinion, why are you on these boards? you just want us to say "THIS WILL BE 1000 TOMORROW!" to appease you? i'd heed his words if I were you.
playing it safe. buying back in between 41.5 and 40. don't want to miss the boat. but I got REAL lucky and sold ALMOST at the very peak on Tuesday at 51.18 so I can afford to get back in a bit early. I'm with you though, we don't go below 37.5 IMO
I originally sold a little prematurely in the low 40's just before the secondary was announced. It was very nice of the company to give me the chance to buy my shares back at a lower price and then even nicer that the market took the stock up even more before I sold again. But, after a 60% runup from the bottom in just a few weeks---time to drift back down to reality before catching another updraft. I'll be starting to nibble back in under $42.