ICI 0.00% 2.9¢ icandy interactive limited

Why not just post the broker data?It is mostly retail selling...

  1. 365 Posts.
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    Why not just post the broker data?

    It is mostly retail selling and retail buying. This is hardly surprising and is usually the case for all loss-making companies with a sub $100m mc. Most funds do not fish in the speculative ponds for obvious reasons, but keep telling yourself that Bell Potter are accumulating for the big end of town. The price and volume is the clearest indicator that the stock is being marked down.

    The "smart money" exited whilst the stock was in an uptrend. However, the healthy-looking chart was artificial as the price was being propped up by the share buy-back. Holders should be questioning why the company considered it optimal to purchase shares on market at a premium to what they had just raised at, especially once it became apparent that metaverse hype was over and macros had turned bearish? (hint: it wasn't to benefit retail)

    Since the start of this month, the 200DMA was breached (which signalled the end of the artificially extended uptrend) and the price has subsequently plummeted. On the way down there'll be bounces as bottom-pickers move in for a perceived bargain and holders double-down on their losses, but once a trend is in motion, the odds are in favour of it continuing until a countervailing force comes along and alters the course of the trend.

    There's always a chance that the company could drop a leftfield announcement (signalling a change in trend), but realistically the odds of this happening over the short-term are overwhelmingly low. AAA games take a long time to develop and the playbook for blockchain games is to commence airdrops and NFT minting 12 months before a major game is launched (which help to subsidise dev costs).

    The onus is on management to communicate their strategy (assuming they have a clear strategy). Most would agree that the overall vision of pivoting to the metaverse is compelling, but 6 months has passed and they've failed to even map out how the business has the potential to command a unicorn valuation in 2 years. Why should the market place their trust in such a management team?

    They are supposedly working on 9 blockchain games. What is the pipeline? How many will be AAA? Are they all ICI games or are some being developed on behalf of others on a contractual basis? How many of these are repurposed games? (quick wins) Where are the whitepapers, tokenomics and roadmaps? Who will publish and distribute each game? These are all basic questions, but holders remain almost completely in the dark.

    Until management start updating the market on the projects that they are developing along with timelines of when these will start generating revenue, why should the market take an interest in ICI? What is the advantage of buying now over waiting to see how things play out over the next few months? Might even be 12+ months before a fundamental catalyst.

    The longer management remain silent; the more downward pressure will be placed on the stock price. Holders simply lose interest and patience once the hype dies down and initial optimism dwindles. Selling begets selling.



 
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Last
2.9¢
Change
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Mkt cap ! $39M
Open High Low Value Volume
2.9¢ 3.0¢ 2.9¢ $14.73K 500.4K

Buyers (Bids)

No. Vol. Price($)
3 602216 2.9¢
 

Sellers (Offers)

Price($) Vol. No.
3.0¢ 125436 1
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Last trade - 14.27pm 28/03/2024 (20 minute delay) ?
Last
2.9¢
  Change
0.000 ( 0.00 %)
Open High Low Volume
3.0¢ 3.0¢ 2.9¢ 106620
Last updated 15.28pm 28/03/2024 ?
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