What the heck caused that closing surge today?
Sentiment: Strong Buy
IMO... The shorts have brought the stock down to a level where they now are covering (again). There has been and will continue to be a slow exit of short interest. 12% decrease since 7/31.
Expect another 500k or so drop in short interest next reporting.
From what I gather from my brokerage surveys, shorts are paying in the 35%+ interest range. Shares are just not out there!
Imagine what will happen when Q3 is a blowout and guidance is raised for full year.
Institutional buyers are smart enough to get in at this sub 13 mark as well.
Just wish day traders would get out of this stock and more smart money would move in and hold some more of the float.
I predict we will see some major swings (up and down) going into q3 EC (Nov 1) as the shorts, institutions and us longs hunker down in preparation for the call.
As I have said before... Guidance for full year is going to rock this stock....
Wait and see. Hold on for the ride!