Share-Count Change Watchlist for Net-Net and Microcap Stocks

"Operations not meeting these requirements are speculative." - Benjamin Graham

Read the Share-Count Signal

• Open the Share-Changes table and rank symbols by recent percentage change.
• Use symbol history to compare single-day jumps against longer trend behavior.
• If data appears outdated, refresh share-count and filing snapshots before updating your thesis.

Interpret Like an Appraiser

• Net issuance: raising equity near or below NCAV often destroys per-share value.
• Buybacks: usually positive only when funded with excess cash and executed below intrinsic value.
• ATMs and convertibles: variable-price financing often increases future dilution risk.

"An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return." - Benjamin Graham

Actions by Pattern

• Persistent share creep: treat as potential serial dilution; tighten sizing or avoid new entries.
• Small one-off increase: verify whether it is compensation-related or a strategic financing step.
• Meaningful share reduction: confirm actual retirement, then revisit per-share valuation targets.

Cross-Check with Other Signals

• Pair with Interesting-Volume; dilution plus heavy volume can precede sustained weakness.
• Monitor Short-Interest; rising shorts during issuance may indicate informed skepticism.
• Validate near-low setups with Near-Lows; dilution pressure can convert cheapness into a value trap.

Process discipline

• Track share-count changes with price, rationale, and filing references.
• Recompute NCAV, NTAV, and per-share metrics after material capitalization changes.
• Avoid averaging down while active equity issuance is ongoing.

Compliance note

Educational only. Confirm filings and capital-structure terms before trading.