Interesting watching the movement in the stock price over the past few weeks.
I suspect some of the weakness in the share price recently has been attributable to holders selling out and locking in tax losses ahead of 30 June. Frankly, with nothing but silence from management it’s understandable.
With that said, for reasons specified in my last post (namely the Eastern Seaboard rollout) I think it’s close to bottoming, particularly once this tax selling starts to dry up over the next week and buyers move in ahead of its results announcement in two months time.
It looks like I’m not the only one that sees it this way with some big buyers accumulating whenever the price falls below the 75 cent placement price. As I’ve said, I think this one is flying under the radar and has real potential to reward the patient when it reports its full year results in a few months time.
Just my thoughts. As always, do your own research.
LON Price at posting:
74.0¢ Sentiment: Buy Disclosure: Held
