Ann: Appendix 4D and Half Year Report, page-21

When has the company ever hit 40c?

You might be looking at the wrong chart. This was a RTO and only listed in 2018 at a 2c val. So the recent 13c is all time high.

From what I can see this is the first spike and it went up in a straight line so a correction is necessary before the next leg up.
Quite simply if it is a green day tomorrow then it is showing consolidation and we may uptrend again with good momentum. If not then we may have a flat curve.

I think this is more an Insto manipulation than overly disappointing results. If there were no growth and negative cashflow from positive than yes there is a point but fundamentally this is sound and does not deserve such an overreaction.