It is clear - by price and volume - that buy backs are taking place. Since book value is 3.5, the buyback program will eventually probably result in a price per share of 3.5. Short positions will be covered now that the path of price is clear. Short covering will add to the upward pressure of price.
volume in combination with price movement is indicating that there are many more willing buyers than sellers. I know - just stating the obvious. There is a change in attitude toward this stock. Short sellers should cover now or risk disaster later.