Yes, it's selling, but not necessarily insider selling. The stock is quite oversold at the moment. Could be several reasons:
1. Investors got tired of promises, promises, promises. Most of them have moved on.
2. The momemtum players have moved on.
3. Many investors may have shorted the stock right after the JV announcement.
4. Insiders are dumping their holdings because the company has nothing to offer and doom is on the horizon.
Personally I don't think this last one is the case. If you look at what they just did, it makes sense. Grant and Owen have large holdings in the co. Investors were told for months that fireworks were just around the corner. This strategy eventually collapsed, and here we are with the current share price reflecting that disillusionment. What should management do? If I was in their shoes, I'd go back to the drawing board to evaluate what went wrong. (Don't forget, they had FILED to sell shares, presumably at a much higher price than .40, and they're stuck here with the rest of us.) Obviously, the IR approach failed miserably. Hence, oust Manfred and outsource for these services from a well-connected full service firm. (Let's hope they don't get cheap here, it's money well spent.)Next, go for the most lucrative possibility short to intermediate term--UTMC is the clear winner. Nobody disputes that there are kazillions of possible applications for machine vision but BNTI has a slightly more pressing concern at the moment--bring in revenues and make profits, and do it yesterday.
Looks to me like they've been doing some serious brainstorming, and they've come up with a pragmatic business-oriented plan. I like it and I think they're on the right track. And if they are, the share price will begin reflecting it soon enough.
Maakamil |
