2. There may well be more purchases to follow, however, due to the wide spread in bid/ask and how small (dollar volume) trades can move the stock, it may not make sense for him to buy larger amounts in a single day.
3. The fact he was buying after the stock has already made a move of over 100% off the bottom and still below that .40 to .50 range confirms that the shares are still very much undervalued.
Friend, while going through some other ownership filings, I came across the Perritt Ultra MicroCap Fund. Go pull up their June 30 holdings statement - it's a hodge podge of the stocks which have hit my screens/reporting over the past 6 to 12 months and I'm guessing maybe yours too (ULGX is in there as well). There might be some good stuff in there for us to be looking closer at.