from 7/1 to 7/23? That was the whole slide from 7.5 to here. Everytime we seem to get a PR it pops to 5.50 and that's 7 to 10 days or less. I don't know why anyone would short this one, it could go back over 7 fast, it did before.
Does anyone wanna guess what's holding it back? There really isn't that much insider ownership or inst ownership, the float is 80% of the shares out.
I have been wondering why PACT is so beat down as well. You certainly won't find any reasons on their stat sheet, or on their income sheet, or on their balance sheet. Their performance and growth has been truly exceptional.
However, I guess there could be some reasons why PACT currently has such a low PPS
1) Long time bagholders from 2 years ago getting fed up and finally bailing.
2) Worries about new chinese wireless regulations afecting profits.
3) Worries about temporary lack of a CFO (with Vegas Grandpa being the main proponent).
4) Distrust of chinese stocks after the CHNR, CTDC, and CAAS pump and dump scams.
5) Big boy manipulation (i.e. short to drive the price down then cover and pick up shares cheap).
All in all, could be a combination of any of those. #2 really isn't a major concern given PACT's diversification. #3 is mostly just something for VG to bitch about. The position should be filled shortly. #4 is only related to PACT by country. #5 is the only major concern.
I did find it interesting that a 200+ thousand block of shares went through when PACT dipped below $5. Looked like some institution covering or loading up. There has also been a fair amount of institutional buying on I-watch. My guess is we have to wait for the big money players to finish buying shares near $5. Then they will let this rise back up to where it should be ($14+ IMO).