Yes, this is true. But isn’t it also true that everyone holding a stock is making the implicit choice not to sell at the current price? To phrase it differentl

Yes, this is true. But isn’t it also true that everyone holding a stock is making the implicit choice not to sell at the current price? To phrase it differently: If they thought their position was worth less than what they could get if they sold at the last recorded price, then they would dumb their shares. Hence the fact that they keep holding suggest that they think the current price does not yet reflect the value of the company.