I reckon over the last couple of weeks there have been new...

I reckon over the last couple of weeks there have been new retail investors jumping in as word has slowly spread about the good results MOD have been getting plus the massive potential. I'm not in a position to say about institutional buying to get a 5% stake, but I would say this is one of the few stocks (touchwood) where there is not constant moaning on HC about bots forcing the price one way or another - possible indication of lack of institutional buying just yet.
I also don't think too many holders are selling - the story is just getting started - hence the rises. Should carry on imho for a long while yet.