And yet, avi, it keeps trading in the 30+ cent range which says (based on 45 million shares) that it has a value to investors (not you) of at least 15 million dollars.
Prince, as a result of what I see as missteps, I believe our company is vulnerable to being taken out. I hope earnings are so good over the next couple of quarters that we would get 14-15 dollars per share.
Over 5 dollars a share estimated next year gives this about a 13 PE which is great for a growth stock. But, with the current market sentiment, I can see picking this up around 66-67.
Markets are in a sell mode and we may be entering a correction that will take even profitable issues down a good bit. Cyanotech has not helped itself here by being late on earnings reporting but even companies with solidly profitable balance sheets are getting hurt. Patience is definitely called for here.
Would not want to but might have no choice. My average is 1.90 so could stomach about 1.30-1.40 but not 80 cents.
In saying this, I have absolutely no evidence just a gut feeling. Someone could grab a major chunk of this before a flow test for a few million dollars and, quite frankly, I doubt Magellan would be able to turn down such an offer. Unlike avi clone hiramhale, I do not think Magellan is worthless at all but common shareholders may never see that value. Nonetheless, I am holding what I have.
Because if Magellan can hold out until the flow test there is a good chance that that property alone will be worth a boatload more than 1 million dollars. Would you take that chance if you wanted to acquire the whole company?
If there is an acquirer in the shadows and that is the price offered, said acquirer will reap a very hefty premium down the line I suspect. I doubt management is in any position to reject anything out of hand at this time and certainly cannot hope for a bidding contest.