Who Is the Seller of Hollywood Media Stock?

Today was an interesting day. The lawsuit between Hollywood Media and AMC finally got settled right before going to trial. As a result of this development, the volume exploded to almost 1 million shares as shown below.

Considering that there are only about 22 million shares outstanding, this represents 5 percent of total shares exchanging hands while the price increased only 13.33 percent. The thing that I would like to know is the seller is supplying all these shares at such a low price. Or maybe there was just a lot of trading between various traders. For example, my friend just emailed me saying that even though he is long, he sold 40k shares in the high $1.70 and bought them back at $1.60. His trades alone accounted for almost 100k shares.

This stock is definitely something to watch closely over the next several days and weeks as the news of the settlement can have a bit impact on the stock price.

Disclosure: Long HOLL