"You say that they have already made their decisions, and acted on them - have the institutions reported that they have sold down their holding (I have not checked yet), or are you assuming that this is the case?"
Yep. Check MA1 latest monthly report and go back and see how many years they were patiently holding in their previous reports.
Also check Tamim funds, they were expecting $40M EBITDA in FY19. What do think they would have done when they saw the forecast for half that EBITDA in the FY report.
