We are initiating a small new long position on Penson Worldwide (PNSN) right here at $3.15. We will buy more if the stock goes lower. This is medium term position.
Our target is $5.00 to $6.00. Since it is such a low priced stock, at least temporarily, we will not use a stop. This buy is triggered by clarification of non-accrual receivable items in the company’s 10-Q disclosure.
Penson Worldwide (PNSN) CEO bought 25,000 shares at prices ranging from $3.33 to $3.39 on May 13th.
As a full disclosure, ZYX Buy Change Alert provided this signal on 5/12, one day before the insider buying.
Those holding the stock may keep on adding as per the prior entry.
Those not holding the stock may consider scaling in right her around $3.15.
