I saw the BOFI price move so fast looking at my board today and I immediately guessed it was a new article on Seeking Alpha. I guessed correctly.
There is a new short article from “Real Talk Investments” on Seeking Alpha. This one piggy backs on the BANC allegations tying BOFI to Jason Galanis, infamous fraud man. I haven’t had time to read through it but it is causing a quick draw down today on the BOFI share price. Check it out:
Well if the share price holds this immediate and complete recovery of the 3% drop reaction to the short SA article, we could finally be in a position of strength. The shareholders may finally believe the CEO over the FUD.
I don’t know how anyone can take an article title like that seriously. They certainly felt they needed to include the most fearful thought to most BOFI investors.
Wow, with the drop today, I guess I’m getting back into BOFI. Buy in the mid to high teens, sell in the low to mid 20s has been a pretty good strategy for a while now.
I really have no fears about the allegations against them anymore. So I feel sooner or later the high short interest will decrease.
And yes, some of their growth metrics have slowed based on latest quarter, but they are still a growth company that I feel is currently well undervalued.
Still not going to make it a large position, but for me it’s worth a small stake at the price it’s dropped to today.