You could be right there, if you look at the chart, it is really not pretty... it is hard to hang on to a share that is consistently going down... even more annoying is when they produce (nearly) record after record profit...
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Some even saying it is now soo ridiculously cheap that it could be taken over... then again the founder has a 25% (yes thats 25 percent, not 2.5 percent) stake in the company (and has not sold a cent despite the share price dropping like a stone) and probably doesn't want it to be seen sold off during a period of ridiculously hard to understand share price weakness
Disclosure: I brought even more at $1.58. FXL is now my largest share holding by quite some way.
Problem sometimes with 'complicated' accounts / presentations people often think the lack of 'transparency' might mean reported things like Cash NPAT aren't real. Hence market lack of confidence if you get what I mean.
Not saying this the case with Flexigroup
But you are confident so why not try to make the most of it - just back yourself eh.
Price going up today .....panic over
Reminds me of that DOOR's song "Ive been down so goddam long, it looks like up to me"
Very interesting trading today, another big dive to its lowest since Feb 2011 (yes, well over 6 years) being under $1.55
1H 2011 Basic earnings per share was 9.3 cents, in 1H 2017 it was 12.8 - 38% higher.
Despite financials being generally weak on the asx today, FXL seems to be bucking the trend - volume fairly high again today, although no where near that of yesterday - still another 40 minutes to run over on the asx of course... but the share price seems to be rebounding in spectacular fashion in the past hour or so.
Just 1 more trading day left before thursday's announcement, which, no doubt, will be watched by many.
Yes, its been on and off quicker than a brides nightie; low of $1.545 ,currently $1.63 todays high so far. And a few moments later $1.625.
Low $1.58, high $1.635 so far today ;tracking up as the day goes on 1.3 mill shares through. Maybe FOMO setting in ahead of tomorrow.
Yea... and I heard over on hotcopper that there were some big long positions taken yesterday and the day before... maybe the whispers aren't that bad?
Every other financial stock (about 15) I follow on the asx are in the red - FXL is fighting a hard and lonely battle being in the green - a nice (and slightly relieving) switch around from a few days back.
Quite frankly, anything better than a 'very negative' update tomorrow (which a substantial share price fall in the past month and a half would suggest is about to occur) should be positive for Flexi - and although in the past day or two it has bounced a bit, it is still trading at ridiculously low levels (eg still below 7 PE).