I could put a different perspective on it @vontrader , like a...

I could put a different perspective on it @vontrader , like a person who stated above why not just buy more and more?  If the response is that you are already heavy in the stock (eg, you do not want to be overinvested), then look at it from the side of the top 20.   Maybe once the share price doubled, it represented too large a slice of their portfolio?  As such that doesn't mean they do not like the company, but they just want to decrease their holding.

I was very bullish on CRO, and have stated this on Twitter and HC, but as soon as they announced their CR, I sold everything but picked up more shares in the CR.  So I was always bullish but traded because I knew it would drop and did not want to hold too much in the stock.

Stick to your gut and go heavy if you think the stock is undervalued.  For SP3 I have:
- Purchased stock in IPO
- Got my entitelemt for the SPP
- Went in heavy for the CR and took up everything offered
- Purchased options first day they listed

I am yet to sell any of the above, because I honestly believe the company is undervalued even when the performance shares get exercised.  For small companies like this I am patient.  Same with 1st... I was in IPO at 35c, but think the company has turned around and now significantly undervalued.. now a top 20 holder (i believe).