Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
AD8 spent most of September under $5.00 before putting on a huge spurt to nearly $7.00 in the first two weeks of October. Then spent the back half of October sliding right back to sub $5. Has there been any news that could explain this aborted take-off?
Hi Frank,
AD8 is best known for developing Dante, a leading digital audio networking technology. The stocks had a rollercoaster ride from around $5 in mid-2022, to over $23 in 1Q of 2024 before falling all the way back to $5.
The move over the last few weeks coincides with a significant reduction in the short positioning in AD8, which fell from around 4.5% of the free float to touch the 2% level – equating to ~3m shares being bought, at the same time to stock popped ~40% up from $5, to trade above $7. In other words, it was a simple short-covering rally after the stocks awful 18-months and once this was complete as you say the stock has drifted back towards $5.
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