With its average daily volume of 50 to 60,000, it is not unusual for big swings when some one, usually institutions try to unload a large holding all in one day. many prspective buyers including myself are not glued to the market to jump in to buy at these extreme price drops. I happened to chech a short while ago and it was at $1.75. I tried to check my cash position and place a buy order and it had jumped to $2.05. I would not let it bother me as I am a long term investor. If I had the time and could check more often I could make some good buys in this crazy market.
It was a fairly large sell/market order that ran GZMO down. (What a stupid way to sell a large position in GZMO!). Anyway, it in turn triggered dozens of stop-loss orders that exacerbated the decline. There is no news on GZMO that I can find (Dow Jones Newswire, Fly on the Wall, etc.). I think that someone just decided to cash out and they did it in a dumb way. GZMO's VWAP as of 1:40 PM EST is $1.90 on 209,685 shares.