Pumpkin Patch Ltd [PPL.NZX] shares have taken a dive over the last 2 weeks.
From $2.00 back on November 22 and off a 52 week high of $2.32 in mid April the share price closed at $1.71 yesterday. (see 2 month chart above) This is a substantial 15% fall.
The only significant news that could have impacted the share price is the resignation of Chairman Greg Muir and the sale of a 1% shareholding by Onepath on November 30. This partial sale of a round a 8% overall holding would have been made due to profit taking on a share price that has recovered substantially over the last 2 years. (see 2 year chart below)
The full year 2010 profit out late September was exceptionally good when the dire economy is taken into account but perhaps the uncertain outlook from management didn't fire the buyers of this stock.
Whatever explanation for the drop this provides a good opportunity for long term investors to put this stock on their watchlist for appraisal for their own portfolios.
Buy on further weakness if you already had this company in your sights.
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