The market has shifted its thinking on style more than anything....

The market has shifted its thinking on style more than anything. Appears to be wide acceptance that rampant growth is no longer possible, and so valuation on a sales multiple in the mid-high single digits is no longer realistic/feasible. For background: P/S has reduced from ~9x in Nov 19 to ~2x today.

Further evinced by the complete lack of movement when material contracts are announced - no faith that further momentum can be achieved to materially change profitability via topline growth.

The value now seems (to me anyway) to be in whether or not a company with a sticky revenue base and a strong embedded product can significantly reduce costs and begin to earn/grow like a mature and profitable business.