There was a significant holding statement recently from UBS,...

There was a significant holding statement recently from UBS, buying on behalf of private clients. Must be more than one (or they'd have had to lodge their own ASX notices), so UBS may have recommended it.

And the spike to 21c a while back may have prompted some profit-taking - given how long it was below 10c, there will be plenty of holders tempted to take some profits. (I just wish I'd bought more at 3.1c!)

This is pretty tightly held and liquidity is low, so it doesn't take much to move it, up or down.

I'm sticking to my $23 million valuation. Konekt has had a market cap that high before, when it was making a loss on 20% lower revenue, and it now looks like achieving the growth that was promised five years ago. If they can keep that going - pushing revenue over $40 million this year would be good - at some point this should be re-rated as a growth stock. (And as the market cap rises, there may be some positive feedback as institutions become more interested.)