So currently 11 million shares shorted out of 66 million... the stock buy back will reduce the 66 million to 56 million... and then what happens as shorts become weary and want to cover?? I don't know... but I suspect something good?? =)))
Yeah. Having that kind of pressure is helpful. The shorts do have to cover sometime. And there are so many shares shirt they will jack the price up if they all try to leave too quickly. It would be like 500 people leaving a burning theatre all at once.
They have been exiting though. And that's supported the price.
to add on... 54% of the shares are held by institutions... I don't know how valid it is, but I'd think institutions are more long term and are not as day to day as some of us small investors are....so if you consider 54% of the 56 million shares out of the way, that leaves about 26 million shares as possibly available for sale and 11 million are needed to cover...simple supply and demand ....