and this stock is going back up :)
It's funny to see the little guys selling 100, 200 shares while the big boys looking to buy big blocks but non out there. :)
will get cooked this morning.
You can't do a trade based on some stupid video from yahoo .distributor
The available shares out there getting drier and drier. as i see. True shorts need a lot of luck to pull it out from here.
The Company repurchased 1,781,900 shares of its common stock during the third quarter at an average cost of $13.06 per share and a total cost of approximately $23.3 million. Subsequent to the end of the third quarter, the Company has repurchased an additional 371,400 shares of common stock at a cost of $5.1 million. To date, the Company has repurchased 5,136,500 shares of common stock under its April 2014 $200 million share repurchase program at a total cost of approximately $76.8 million and $123.2 million remains available for future repurchases under the program.
Specifically the hedge fund states:
We concede that OCN stock has suffered from terrible news flow, a weak IR/PR effort, a very complicated legal picture, and the absence of a clear growth trajectory. We also bought too early. But the bottom line is that OCN offers a very viable operating business in a large addressable market at a price that is below liquidation value. The company’s NAV (excluding intangibles) is multiples of the current stock price and this value is being monetized each quarter in cold hard cash as MSRs pay down. Even with heightened costs, the company continues to generate about $1 per share in cash flow per quarter. The company also disclosed that it will be selling its entire agency MSR portfolio (which contributes very little to earnings) and this will release more than $3 per share which should be distributed via buybacks or a dividend. The balance sheet is very sound with ratios far stronger than any of OCN’s peers and a corporate debt balance that may approach zero after the agency MSR sale.
Kingstown wasn’t holding Ocwen stocks when its latest letter went out
Yesterday, Kingstown Capital filed a 13D form with the SEC, so we have some details about their recent trade activity. It turns out that the fund was actually selling its position in Ocwen and had exited by the end of December (they may have been holding options, but we haven’t gotten a comment on the story yet). Then they started buying again on January 26, ten days after sending out a letter telling investors they were continuing to buy.
They did well on the trades, exiting in the mid-teens and buying back in between $5.92 and $7.26, so investors shouldn’t be upset. You can’t accuse them of trying to move prices either, both because the letter wasn’t intended for public consumption and because it just doesn’t make sense to talk up a stock that you’re going to start buying in the next few weeks
Stock went up for a good reason. There is something really big going in GENE and it could hit the wires at any day. Just be really careful.... I wouldn't short it.
Besides your technical note. With a market cap of only 29 mil this company is dirt cheap and i think it would be a taken out candidate. The big money that bought this month obviously saw some value here.
I am watch how it moves and still think it will knock the $8 range. At this level i almost sure shorts will loose the battle going forwards. Just my observation.