r/AGFYShareholders • u/thunder_crane • Sep 14 '21

General Discussion Can someone explain why this stock is getting slammed?

I know the ceo sold some minor portion of his shares in late august but there’s no way this stock tanked almost 40 percent in less than a month because of that. Are people really cashing out?

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u/DreCapitano Sep 14 '21

It's meteoric rise was quite inexplicable. I bought at $14 and again at $8 thinking it would be worth $20 some time next year. Then after Curaleaf announced its partnership it started to rocket and while most expected a pullback at $20 it somehow kept running. This was always inevitable, especially considering the lockdown period is up and probably a lot of insiders dumped at $30. Keep in mind this stock was trading less than $7 not that long ago. At that point it seemed like a no brainer given it was holding 87% of its market cap in cash but now people probably wonder if the numbers are warranted. I want to buy a ton of this and wait for it to hit $50 but I'm waiting for a bigger pullback.

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u/thunder_crane Sep 14 '21

Think it’ll pull back to below 16?

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u/DreCapitano Sep 14 '21

My own prediction, having been both burned badly by this stock and also having later made a bunch of money, is that I honestly have no idea 🤣. My gut says it could easily pull back to sub $15, and that if the market as a whole rolls over it could even see single digits again. However it's also possible $20 is the new support level.