around $6.66 or the incredibly lame dollar volume at halftime? comments? i've been taught when something moves up or down on lame volume, most of the time it's being set up to move the other way on greater volume. i'd normally say that it was an attempt to start a short squeeze except there are many shorts left (and a lot of the ones left are partialy/fully hedged).
to get rid of what many refer to as market manipulation, we need to get rid of market makers and program trading.
At $6.66 the common is up more than 4.5% for the morning. Normal tape action would be for the stock to back off as sellers take profits, then begin its ascent again.
In the last 5 trading days the common has moved from about $5.15 to where it is today. Part of it is that tech is moving again.
Unlike so many tech company OVTI has extremely strong financials. As I type the company is still grossly undervalued with a market cap of $332 million. In other words.....back out the cash and the debt and we still have an enterprise doing $500 million to $700 million in revenues.......showing a trailing profit of as much as 1.08 per share.......being valued at a paltry $75 million.
Beyond rediculous valuation.....unless the numerous design wins and "rush" orders are ficticous.
Time for the Hong dagger........short sellers getting squirmish about a $100 million hit.