Calculate the market-adjusted cost of the trade. Discuss the finding.

Although focused on long-term value, North Circle Advisors will exploit temporary mispricings to open positions. For example, portfolio manager Bill Bradley pegged LIM Corporation’s fair value per share at \($28\) yesterday; however, LIM’s stock price seems to have overreacted to a competitor announcement prior to market open today. The follow events unfold over the course of the morning:

• PRIOR CLOSE: LIM closed at \($30.05\) • PRE-MARKET: LIM priced at \($20.34\) • MARKET OPEN: LIM opens at \($22.15\) • 10:00 AM: LIM trading at \($23.01\) • 10:00 AM: Bradley confirms the overreaction with target price of \($28\) • 10:05 AM: Bradley instructs trader to buy 25,000 shares, with a limit price of \($28\) when LIM is trading at \($23.09\) • 10:22 AM: Trader finishes the buy with an average purchase price of \($23.45\) Bradley and the trader conduct a post-trade evaluation. In picking an appropriate reference price, the trader asks Bradley if that would be a pre-trade, intraday, post-trade, or price target benchmark.