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Cary,
I don't think there's any news. I agree with others on this thread that value investors are getting into KOSS. I believe that the reason it jumped today was due to the limited float and the mm's were in a deficit. Here's the pattern I see over the past 3 trading days:
8/28 mm's bought 1,600 shares, sold 8,100 shares of 9,700 total
8/29 mm's bought 400 shares, sold 8,700 shares of 9,100 total
9/2 mm's bought 3,600 shares, sold 11,200 shares of 14,800 total
Totals - bought 5,600 shares, sold 28,000 shares
I don't know what their inventory was before this period, but in these 3 days alone they sold 22,400 more shares than they bought. I think they made a decision to move to price up enough to be able to cover their short position. So, in effect, we had a "short squeeze" which took the price up higher.
But don't feel too sorry for them, with a spread of 2 points they're still making money. It's just they didn't want to keep building up a short position. That's good news for us because it means that they don't believe the price is going down or they would have waited for more shares. This way is costing them some money in the short run.
As always, IMO.
Rick |
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