What I find more interesting is that NITE and and
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What I find more interesting is that NITE and and CSTI are responsible for about 50% of this years trading volume which is about 240 million shares.
The day that NITE lost power we had our first spike and it was obvious that one of the biggest bears is trading through NITE.
CSTI is Canaccord, a Canadian company. I think that they are clearing the vast majority of the offshore short selling action. They have done 118 mm in executions and I'm betting that's it's almost 100% short selling.
I'm guessing that 100% of VNDM's action is short selling as well and they are 37 mm in executions this year.
If NITE's volume is 50% short, CSTI and VNDM are 100% short, that's about 215 mm shares naked short sold this year not even looking at the rest of the MM's. The total share volume shown is about 438 million for the year or about half the authorized share count.
If these estimates are anywhere close to being right, it's going to take 10's of millions of shares bought at ask in order to clear out the bears. TECO has institutional investors already lending them money for projects. The next step will be luring bigger investors into buying the equity on ask.
It's once again going to come back to how good of a job the company does at putting up good oil production numbers month after month, quarter after quarter, all year long, each year.
However, when those 200 million plus shares are forced to cover it's going to be epic.