interesting trading day. someone began dumping and it went down to a .45 bid and .51 ask. someone bought 20K shares at .57 but it still dropped more. Less than 3K shares traded at .50. My order stayed open at .51 and was not completely filled. Stock quickly jumped to .66 on 157 shares. Huh? then to finish the day they filled 280 shares to end the day on the low of .51.
If it is tax loss selling the person(s) doing the selling should fire their tax person. Yea they are generating some nice capital losses but they drove the share price down more than 40% in the process due to the thinly traded nature of the shares.
It wouldn't make sense to do that unless they bought at more than $2 a share.
I obviously don't know why the person(s) are selling but it could be that something has gone seriously wrong and that the seller(s) has some basis to think that $.60 is a more attractive price than what will be available in three months. Not pleasant to think about but that is definitely a potential scenario.
I picked up 1000 more today @ 0.60. 7.5 years is a long time to hold this stock but I have faith in Ash..maybe too much blind faith. Ash could have closed shop long time ago, if he wanted to. They projected $37 million in high end 2008 revenues just couple of weeks ago. I doubt anything could have gone wrong especially in a hosted model.
Hopefully, they will sell out once the Cisco deadlines are met.