Just a feeling on my part, but the latest sinking spell seemed to me to coincide with the end of the quarter, so I'm thinking it's possible we might see some more bad news come Oct. 28. That said, yesterday I bought some more shares @ $6 and added more today @ $5.70. If we get a bounce of any sort I'll probably unload some of those. I bought a bit before last Q's report along with some options, and sold on the bounce, so I had a bit of cash to "reinvest" in SONS, though I wonder whether the word "invest" is an appropriate one for putting money into SONS.
Right now I'm thinking that all the $millions they spent on share buybacks would have purchased 3-4X more shares at the present quote. Additionally, the death of the "poison pill" doesn't seem to be encouraging any interest in a buyout.
In a 13D/A filing tonight, MLNK is showing sales of 137,354 shares of Medifast in the last month:
8,003 @ $28.5003 on 8/18/2015
4,117 @ $28.5000 on 8/19/2015
3,501 @ $28.5000 on 9/3/2015
7 @ $28.5000 9/8/2015
3,257 @ $28.5000 on 9/9/2015
16,137 @ $28.5041 on 9/11/2015
5,951 @ $28.5000 on 9/14/2015
40,622 @ $28.5750 on 9/15/2015
40,893 @ $28.5429 on 9/16/2015
14,866 @ $28.7686 on 9/17/2015
It looks as if they told their broker to sell at $28.50 or above. The sales total a bit less than $4M.
The filing shows that they still have 1,057,537 MED shares. Their cost basis for those shares was around $27.95. I don't know if the sales reflect that MLNK was unable to make a deal with MED or whether MLNK is planning on using the proceeds for a different deal. Remember that MLNK also has a $100M shelf they apparently haven't floated - I did wonder if some of the high volume days this Summer might have been from ATM or open market sales by someone like Cowen or Cantor Fitz on MLNK's behalf. The shelf became effective on March 9th, so it's possible they're just holding back until the share price moves up a bit. All this is speculation on my part.
Look over to your right under Top Stories where it says:
Hillary Clinton's Tweet on High Drug Prices Sends Biotech Stocks Down
Think that may have had an effect?
Seeing bobf1y's post below reminded me that I saw Steel Partners' 13F filing late last week.
For the quarter ended June 30, Steel reported holdings of 16,476,730 shares of MLNK. I don't recall seeing any HnH or Steel filings on MLNK buys since mid-June.
On the subject of institutional ownership, the NASDAQ site is showing 70.2% of MLNK shares owned by institutions as of 6/30/15. In Q2, 35 institutional holders increased their positions in MLNK by 1,658,061 shares, while 39 institutional holders decreased their holdings by 1,465,135 shares - a net gain of about 200,000 shares according to the NAZ site.
13:08:42 $ 3.15 25,000 shares
13:50:00 $ 3.15 79,000 shares
14:20:43 $ 3.14 270,200 shares
Right now today's volume is over 610,000 shares. The average daily volume for this stock is around 100-150K. Again, the trades seem 2b below the market which MIGHT indicate a big holder selling. I haven't seen any HnH buys recently, which is a bit strange considering they were buying pretty regularly when MLNK's share price was higher.
CAPITAL RESEARCH GLOBAL INVESTORS is showing 4,820,500 SONS shares in their Q2 holdings report which they released last Friday. That more than makes up for the 3,097,347-share dump by Wellington.
A look at the NAZ institutional holdings site shows tutes added a total of 12,821,510 SONS shares in Q2 and sold a total of 9,310,573 shares, which would be a net 3.5M share increase.
11:07:44 8,600 @ $ 3.07
11:08:11 20,000 @ $ 3
11:47:23 45,078 $ 3
14:53:41 58,598 @ $ 2.95
15:01:59 157,900 @ $ 2.95
15:04:39 378,200 @ $ 2.94
Since the share price is dropping, it APPEARS that there is a big seller out there. It's possible that the drop below $3 has triggered a computer sell program of some sort.
Well, it's certainly nice 2b on the right side of a SONS trade for a change...
spook2b • 22 hours ago Remove
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If you look at a 6-month chart for SONS, there's a 3 month period from the end of March thru the last part of June where the price stayed pretty flat around the $8 mark, and that was after the share price nosedive that resulted from the previous cc. You would think that SONS should at the very least regain that level... Less
Check under headlines above.
Note on Hawk Springs:
A pressure transient analysis has confirmed that the 9500’ sand is highly permeable (around 500 md) and also identified a movable fluid boundary (oil or water) downdip of the well. Isotope Geochemistry
analysis of the gas samples, has identified the source of the nitrogen, which is from a post-mature
organic kerogen in the black shales of the Pennsylvanian section. The hydrocarbons in the samples are mixed thermogenic post mature gases generated in the wet gas/condensate window. All of the gathered evidence supports the theory that the fluid below the gas cap may be oil.
They're doing a workover of SOA II. Net cash flow shown as -$297K. Big drop in exploration & development costs.
Sorry if this is already out there - some of it seems familiar to me.
If you look at a 6-month chart for SONS, there's a 3 month period from the end of March thru the last part of June where the price stayed pretty flat around the $8 mark, and that was after the share price nosedive that resulted from the previous cc. You would think that SONS should at the very least regain that level...
Getting a bit of a bounce this afternoon. It does look like Mr. Market is expecting more bad news tomorrow. Guess we'll know then...
Big for MLNK, that is.
74,900 shares @ $3.32 around 3:47:45 and
179,400 shares @ $3.32 around 3:48.
There was also a 17,600-share block @ around 3:35 p.m.
That will bump up today's total volume.
dotnet, I check the postings at the SEC website. I did notice that the Google Finance site lists some of these sales also.