He should not have a stop loss. I think a lot of people that have never heard of Agoracom, and the few that are following it in the US or Germany must be rare; consequently a lot must have been surprised when they came home and found out they have no shares, and perhaps some have not checked their account yet. Brokers like a stop loss as it keeps them busy.

Also some that bought at $1.20 may have had a stop loss @ $1.00 for example, as they forgot to raise the stop loss as the shares appreciated. Now they either throw in their hands or buy back at a higher price.