The churn you refer to happened immediately after the Ann on 15 March ...Stock dropped and signif volume turned over... then that dried up and now we rally ... So factored in IMO.
You assumption is that the person who took the cap raise will dump their shares... Usually sophisticated investors are smart enough to know when to fold them and when the Gas market is "starting" run is not the time to turn them over...
game: spot the odd one out ?, page-25
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