legacy owners want out which pushes it down more. Plays right into the game of the hedge funds and market makers. No "anxious" buyers to keep price up. Maybe it will recover but for now it is painful almost every day.
That's what I've been thinking too. I have watched the trading in this stock for days, and these 15K or so sell orders appear with uncanny regularity, there is certainly an appearance of someone trying to drive it lower because more often than not they appear just as soon as the stock rises a little bit. Who could have a strategy to keep selling at any price level as soon as the stock attempts to rise unless it's to drive it down? You could say they just want to get out, but why didn't they get out the few times the stock rallied?. Hard to tell for sure of course, but no individual that acquired the shares prior to the listing could be selling like this day in and day out. There is also no news, so it's hard to come up with a rational explanation.
There was something weird about this stock early on. For the first three days if I remember correctly it closed at exactly 10.0 which is hard to achieve.
I wondered about those first few days and thought it was someone supporting stock price although I knew they did not have a stock buyback program in place. Must have been market maker playing games before FED impact really set us on the downward spiral
I think the large brokerage people bought alot of it near $10(remember the spike when it went to $10 on large volumn) so they could use the shares to drive the price down. . Then they sell to drive the price back down while also possibly holding short shares to make more money(not sure how much of this has been shorted, I think someone posted that it is a small amount)