It appears Mellon Bank has reduced their holdings of Microvision. On January 29th of this year, the reported holding 685,250 shares. They report holding 380,250 shares in their most recent filing (thanks for the link).
This makes sense. In mid April the stock went down to 11.00 on some fairly heavy volume. One possible explanation for this would be a large seller. Since Mellon Bank is the only entity which had filed a 13G, they were the most likely culprit. How's that for an emotionally laden term?
The evidence is, of course, circumstantial, but . . . 1) Significant price drop on heavy volume indicates big seller 2) Mellon Banks's recent 13G filing indicating they own 300,000 fewer shares.
Hopefully, the shares ended up in the hands of people or entities with a long-run focus, but one never knows. In any case, it was encouraging to see the price bounce off 11.00 after the majority of the selling was presumably finished. |
