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Computerized Selling


woodstove
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Today I encountered a curious trading phenomenon, and wonder what you make of it...

 

I put in a bid at 86c for 13,000 shares of a smallcap.  There were 11 sales of 1,000 shares into my bid, at times 216pm, 216 again, 226, 236, 246, 256, 306, 317, 327, 337, and 350pm.  No other transactions in that stock in the afternoon from 216pm to end of day.

 

Would that be a computer program selling?  Surely so, from the regularity of timing of sales.  Perhaps the program got slow, or encountered slow network, towards the end of day, so was a couple minutes slow on last sale?

 

Motivation?  Why would someone who had 11,000 shares to unload, sell 11 times in 1,000-share blocks (of a sub-$1.00 stock, so we're not talking big money)?  Would that kind of selling behaviour be an indication that the seller is trying to drive down the bid?  In which case I'm very happy to be on the other side of that trade!

 

Thoughts?

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