and how hard the hammerstroke falls. 48 hours ago things were looking up. Also amazing how few shares it has really taken to bring this down over 20% relative to the number of shares it took to take it up from recent lows.
I'm surprised too, but not worried. Shorts have a structural advantage right now. They're having their way with this stock and they will keep having their way until there's a dividend in sight or a bull raid/big money short squeeze from someone who is committed and has the means/balls to start cornering the float. Good news/increased retail interest can drive up the PPS, but not too meaningfully it seems because as shorts come in and the pps sinks more and more of those buyers cut their losses. Obvious stuff, but the lack of a big loud long activist and/or dividend anywhere in sight it's just way easier for the price to go down rather than up.
But it's at a point now where I think we could see someone smart start to buy up the float quietly and start eviscerating the shorts. I had a really small position for a while that I was thinking about increasing and was kicking myself for not pulling the trigger when she hit 3.80. I'm pretty happy to be able to buy more at the fair price of 3.15
It's the entire sector that's getting hammered pretty hard today. RBCN getting slaughtered doesn't help. I'm fully expecting GTAT to hit mid $2's (or worse) if solar sector goes on to crush the weaker players to bankrupt status, which frankly it probably should. It could get uglier than it is, and stay that way for a long time.
or we might just wallow in the $3s the rest of the year.
BTW, I opened a very small long position on RBCN at $5.1, looks like I'm headed to bagholder status there as well. At least with GTAT, I have gotten into it with a plan to hold until 2016.
But with RBCN I admit it was really just a crapshoot with very little thought involved. It looked cheap considering book etc. Is their business really that hopeless/doomed?
I thought rbcn conference call was awful. During the q/a, one of the analysts said he thought demand had stabilized, but the results and outlook for RBcn didn't bare that out. The company said they were continuing their positive relationship with customers but not selling them anything. I took a very dim view of the call. Granted, gtats last call wasn't great either. But, to me, this one sounded far worse. Am not going to say its hopeless, but I would recommend you listen or read the transcript of the conf call. Am very curious what GTAT is going to say. Based on the Q/A of rbcn, it is completely up in the air. I could actually would not be surprised to hear GTAT say that they see stabilization in the sapphire division.
I completely disagree with you. GTAT will be a summer runner and we will finish the year closer to $5pps than $3pps. I'm not sure exactly where, but we put in this bottom several times already and we will put in the bottom around $3pps again.
I'm buying here a little and will buy more the further south the price goes.