For the past 2 weeks (roughly since earnings), volume has averaged more than 3 times the 14.9K shares listed as average by Yahoo. Yet the price flucuations have been even less than normal. I even got an immediate fill on a limit order splitting the bid/ask. Clearly some large-scale brokered buys and sells going on.
Don't know, though I suspect insiders cashing in options. The only major players I know of are Dimensional Funds, which is sort of a low-trading microcap pseudo-index, and LVMH, which is strategic and should be happy given their returns so far. I do think the buys are IPAR buybacks.
Friday, the big selling stopped and IPAR rose 2.75% on 3,800 shares. Thats more of a move than during the 100K share days. Meaning the buyer wasn't tied in.