MCAN Mortgage Corp. caught our eye in the May 31 IIROC short-selling report.
Short positions accounted for 1.6 per cent of MCAN’s float, which is a notable amount. Meanwhile, over the past six months, three directors have spent $384,902 picking up shares in the public market, the most recent of those purchases coming on June 5 by director Verna Cuthbert, who bought 1,000 shares at $16.05.
Based on INK signals, MCAN has a potential short-squeeze setup as short-sellers are betting against relatively strong insider commitment at the company.
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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Ted Dixon