Technically this drove it's way into a new range yesterday by breaking thru 1.2c, on the weekly you can see that it done so on the highest ever weekly volume (with a day to go), this suggests a material rerate is in progress and sets a target of around 2.3c. It's also cleaned out a bunch of stale holders who often just want to break even. As you can see from the posting it's attracted a lot of fresh shareholders too which is typically a good thing.
Personally I'm struggling to value this one on a FA basis. On one hand they haven't really delivered since listing yet on the other hand they are in one of the fastest growing sectors and have onboarded some extraordinary talent. These are people who build billion dollar companies so I'm inclined to give them a chance to do so here. If they really get their teeth into this one then a ten bagger would be the starting point. If they miss the mark then it likely floats along around $20m or so on the expectation that they will at some point deliver. To me the RR supports a bottom drawer so from here. It's personally about fighting the urge to bank what is already a sizable profit and accepting the fact that along the way there may be a few pullbacks.
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