KKLL
You wrote, “If small shareholders and the '257 Club' tend to be long-term holders . . .” That is a big if. Relative to my investment style, they are rather flighty.
I intuitively thought that NWH had a higher share turnover relative to the shares issued than most ASX-listed companies, but an unrepresentative 3-stock sample gave a fairly similar result (roughly 100% turnover a year). As an aside, at at
https://www.quora.com/Across-all-th...es-how-many-shares-are-traded-in-a-single-day I found, ASX 4.40% per month, or 52.8% per year, which seems low.
My next thought was that NWH's average value per trade would be noticeably lower than other companies, which seems to be the case. The value-per-trade comparison is flawed though, because I only looked at one day, whereas I would have been more comfortable if it were an annual average. I am unsure where one would find a 12-month record of the number of transactions for a stock.
................................................
NWH .............
CCP ...........
MND
Shares traded per year .. 363,735,395 ... 51,403,009 ... 99,334,650
Percent relative to NW ....... 100.00% ......... 14.13% ........ 27.31%
Shares issued ................ 321,800,000 ... 47,400,000 ... 93,900,000
Percent t/over per year ....... 113.03% ........ 108.45% ...... 105.79%
Rough idea of SP .................... $1.60 ........... $18.00 ......... $14.00
Transactions
today .................. 1,513 ............ 3,639 ............ 4,279
Value sold today ............. $1,298,549 ... $5,685,860 ... $5,347,185
Average per transaction ...... $858.26 ...... $1,562.48 ..... $1,328.78
The above is all rather crude, particularly because the statistical foundation is weak. One would need wider sample sizes to get a better idea. I tend to buy and sell infrequently in larger than average parcels, which implies that I hold shares longer than most shareholders do – consequently, SP volatility rarely concerns me. I am probably not the right person to give a viewpoint on volatility.
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