I think we breach that today. Today is the last day to capture the dividend.
Stock will trade lower tomorrow but should stabilize in the $14+ range in the next 3 months assuming shorts don't run for the hills.
What do you think the shorts will do tomorrow after ex-div? I just saw that The Street upgraded CLCT to buy. Will they leave town and move on or are they going to set up new positions based on the increased value?
why did they short to begin with? In Oct/Nov last year was when short interest went from 100k to many hundred thousand shares. The thought was dividend tax rates were going from 15% to 40% and CLCT would probably eliminate the dividend in that case. The other thought was they weren't covering the dividend. Both of these premises have proven to be wrong.
So why stay short? There is nothing on the horizon that would make the stock go down. The best shorts could hope for is is a well managed exodus. The worst is a huge short squeeze in rapid fashion.
It will most likely go down tomorrow but that may cause some shorts to get out and cover. So I just don't see it staying down.
Personally, I think they will run away and we will not see them again for a long time. I say this because of the possibility of sustained revenues and another quarter just like this past one, in August. Not to mention some revenues from the Hong Kong and China offices too. We are half way done with the current quarter.