CEO always buying. Earnings had been soft. However, multiple catalysts. Sold two divisions, will have $10 million cash on balance sheet and increased EPS through the year. Yesterday announced $1.5 million buyback (about 20% of float). Idiots bid it up yesterday, and now dumping today. I bought last month, sold into it yesterday, bought back this morning - will buy more on any further weakness.
It is a low floater. 100,000 bid put in about 15 minutes ago at $3.73 - likely the buyback - should provide a floor...if not, will just buy more lower.
This is a good one to take advantage of bozos who are unaware of the company/catalysts or how it trades.
Yeah - I see over the past couple days. He owns a lot of shares though. Looks like he may be using the share buyback just announced to repurchase his own shares...there would never be enough trading volume to move that many shares otherwise.
One possible explanation is the following - he uses the buyback to repurchase his own shares, taking them out of the float and allowing him to raise cash - then he makes an offer for the remaining shares in the float - he may need the cash to make an offer. effectively he uses the company's cash to give it to himself so he is able to make a bid to take the company private. Just under 2 million shares in the float - under $8 million worth at the current price.
anyhow, earnings are on the near-term horizon and reducing share count will only help raise EPS.