Companies and funds do not need to declare trading unless they exceed 10% ownership. Funds report positions every six months, and will often show Top 10 holdings, but recent activity is too new to glean any new information here. The average trade size this week is only 389 shares, which implies more retail than institutional. The largest single trade this week was 77,100 shares. We would expect more block trades if it was institutional buying. While some companies may be interested, we highly doubt management would entertain a deal just as it is ramping up orders and revenue. The stock is expensive, as investors are betting on the future. IF PNG wins a bunch of new large contracts, and IF the defense sector stays in focus, we can see it moving beyond $10 under normal market conditions.
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