Disclaimer: None of this is investment advice. The logic here may be bad and should not be relied upon. My assumptions may be bad and should not be relied upon. This post reflects my opinion. I may hold positions in securities I write about, and I believe in what I write.
There seems to be a fear of $1.50. It could be that closing at $1.50 would trigger a margin call.
But the activity in the final two hours really pushed that price down.
2:44-2:45pm ET there were 2.4 million shares traded with a max price of $1.37 and min price of $1.265. The volume spike was at 2:45:46 with 568,241 shares.
In my view, this is a positive result. Short borrowing fee is still about 200%. It could be that redditors and folks who found Evofem on the twitterverse and panic sell because they think that this guy is right:
I might agree if I hadn’t done any reading into the company–even if I hadn’t published why I think this stock is being manipulated downward. It’s unlikely that I would agree, though, because there is just so much downward push on this stock and so much resistance to that push that I would have felt as I do now: The sentiment in this tweet is absolutely adorable.
As I’ve maintained since the beginning: The number that matters to me is the close price at or above $1. Today qualifies. With the bonus that it can’t be fun to borrow at a higher price.