Q: Hi Team,
Well is still tanking today. (-8%) on no news. Is this latest weakness all profit taking? I see no negative news? Has a big shareholder been dumping the stock? This action is somewhat confusing after such strength in the name previously.
Well is still tanking today. (-8%) on no news. Is this latest weakness all profit taking? I see no negative news? Has a big shareholder been dumping the stock? This action is somewhat confusing after such strength in the name previously.
5i Research Answer:
There is no news, and only two trades of more than 20,000 shares. Volume is not enough for buyer/seller to require disclosure. It is likely profit taking, or a mid size fund just exiting. It is a bit confusing but not completely out of line for a stock (still) up 60% on the year.