In simple words:in 2016 GXY was spec stock with little...

In simple words:
in 2016 GXY was spec stock with little institutional holdings.
In 2017 a lot of institutional holders came on board
In 2018 they had a lot of profits to protect.....

You mentioned Blackrock, so let's use them:
in 2017 the came on board (around $2-$2.20, immediately loaned their shares for shorting, SP collapsed (lots of shares changed their hands)

Fast forward to early 2018:
Blackrock manager is sitting on 100%+ profit, with 2 large projects in pipeline and sentiment turning sour.

does the fund manager:

a: sell shares
b. hold tight and scream at shorters, attend group support therapy as the profits evaporate.
c. hedge profit by opening the short position, sit tight on 100%+ profit while the market and the project goes through the usual churning. Then when the time comes ofload the shorts (possibly making extra profit) or sell the long position and let the shorts make some more profits possibly.
d. Do C plus short, buy and sell shares to make extra profits while waiting to see how SDV and JB pan out possibly..

I think that answers your question?

The million dollar questions in stock market are:
Are shorts shorting because they want to shake out retail shares or they think the company is doomed.

And are the instos buying stock because they believe in the future of company or they are keeping SP on artificial support as they are offloading their holdings on someone else.