It's hard to draw any conclusion or even guesstimates from such consistently low trading volumes (as compared to shares issued).

Having said that, I think the share price has been driven below where is should be based on fears surrounding what was pending dilution. At present, the price remains low because there has not been the sort of news that would re assure new eyes, or returning interest that the company is moving away from the abyss.

Some of this, too, is just part of the continuingly dismal state of the market for mining stocks, explorers in particular.

Meanwhile, I remain convinced that most shares of LBSR are in educated hands, so there are not a lot of shares available anyway (except as "printed" by the company, and those are being absorbed, not flipped).

...all in my opinion.