Steve, yes, nice volume, but there seem to be plenty of willing sellers out there at the ask. Seems like the same pattern as around the last quarterly earnings release: modest buying ahead of the number, good number, 20% ish pop in the stock price, met by strong selling, stock settles back into the doldrums.
It will take a stellar quarter to reestablish some investor confidence in this little undervalued stock, IMO. My thesis has always been, that if we trust management (which, granted is a big leap of faith), then in 9 months or so, as they have proven that they still have a viable, if not vibrant, little business, the stock should trade up closer to a comparable market multiple. If not, then we should buy the company.
Cheers,
Thomas |
