At the close a 676k block changed hands. I find this very interesting. I wonder who the buyer was. The seller was likely Larry Polhill, First Wilshire Securities, Punch and Associates, Heartland Advisors or Blackrock. Does anyone else even own 676k shares? For that to go off in one transaction it would have to be one of them.
I did some more research. I think this might have been index rebalancing. As the funds are forced to add a certain number of shares. A few other small-cap names had some pretty high volume too. I never understand where the sellers magically come from, unless it is pre-arranged beforehand. Still someone had to give up 2 million shares of SNAK today for all of this to happen. I think there's only one person who has that many shares. Unless it is as you say a bunch of institutions grouped together. But i don't think that makes much sense either.
The last time anything like this happened it turned out to be a consolidation of several trades that had taken place privately. It was several years ago so I forget exactly what it was about but I don't think it was about a major player selling out. I wish I remembered more clearly what it was about but a big unusual number like this is not unprecedented. We are also at a much higher price point now. :)