this pattern looks similar to a few weeks ago when they sold 2.5 million shares, I for one will very happy when they are gone. Wish Robert Pera would just buy their remaining shares, that alone would be a catalyst to get us over $40 very quickly.
we should see how much they sold on the 15th in the am. at least they only have at most 5m shares left to dump. probably worth shorting if it goes to 35 again. summit is going to dump everything in the coming month is what i expect. at least once they are out as long as we are growing we are going a lot higher imo.
summit probably sold another 1m today. that brings them down to like 5m shares or something. almost done unloading i think. does anyone think they will just keep the rest for higher prices. they are such idoits selling at 16 when it is double that in a 2 month period.
they aren't buying any more shares from summit. if summit is selling they are dumping to other funds. they have better things to do with the cash than buy shares at this price. they could pay off all of the debt which they probably will do in the coming quarters. right now they are just stacking cash for a rainy day. maybe in a year or two they will have a billion dollars in the bank and be a much larger company than today. but one thing is for sure they don't be buying any more shares. i wrote the CFO at the time back when it was trading at 13-15$ to buy all the shares summit was selling and they said they would look into it. of course they should have done that even though they didn't at the time. i guess people on top know about what to do more than me. i few million shares more on the market won't make a huge difference to earnings until it is way down the line years from now. can you imagine if orcl or aapl had bought back a ton of shares for pennies on the dollars. that was what my letter to the CFO said. but they didn't listen. it is okay. i just hope that the shares transfer out of summit to someone who plans to hold them for a while and that summit leaves the building soon.