just brainstorming here ......


The one thing that I'd like to claw on  here in the case of ELSE and SMIT is , they are hardly trading at all...ELSE has a market cap of around 13 million and SMIT has a market cap of around 9 million ....BUT their daily trading volume is less than 20000 shares/day(even lesser in the case of ELSE,100/day).

intstituitional ownership aint that great either on both ,

simple reasoning, supply of shares outstanding is ginormous for the price to climb , compared to the demand (trading volume) which is basically nonexistent....
unless the company does something outstanding that would change the world or a buyout at a premium happens......decent earnings and decent growth doesn't quite cut it
The scenario changes when volume picks up indicating that the market is interested in the stock , this absolutely begs the question, there are millions of investors in the market(retail and instituitional)... why aren't they interested in these stocks ?

My take on liquidity is that you should be able to sell the stock with much difference between the bid and ask price , if you hold a chunk of shares that you would like to get rid of without crashing the price