Weird trading in Super Cheap Auto

Since I purchased shares in Super Cheap Auto mid way through last year the company has had a great run, doubling in price in a short space of time. But during this run I've noticed some strange trading patterns: small parcels of stock traded, often on an up-tick. There's been plenty of occasions where the shares have traded up strongly against the trend but on quite low volume.

I think the first time I really paid attention was around Christmas, but just put it down to the lack of liquidity over the holiday season. Well, it's on again. Here's some screen shots off E*Trade from trading yesterday (29/03/07). Firstly around 10.30 then around lunchtime.


You can see in the course of sales the very small parcels going through, quite a few of just one share. Not long after the second screen shot was taken a seller of 2 shares went in at 4.32.

Is it a coincidence that the two times I've noticed this have been around the end of a quarter?

I can't think of too many good reasons to be selling lots of 1 or 2 shares at a time, unless of course your goal is to get the price to a particular level, or keep it there. For example, if you were facing margin call, trade a small amount of volume at a higher (or lower) level. If that's the case, it's a form of market manipulation and ASX should be onto the case.

Although if it is an attempt at market manipulation it's a pretty amateurish one. Regardless, I am curious to know exactly what is going on here. If you've got any ideas let me know.

I still like the company on a fundamental basis though, as I don't think it's overpriced despite the good run. In reality it was heavily oversold and should never have fallen as far as it did.