do the forward sums

If you do the forward sums and extrapolate 20% growth in EPS per annum over each year for the next 5 years (say) then this is precisely why the current price is rising. Don't worry about the present P/E, think ahead. They have achieved such a growth rate in EPS over the last 5 years so why not the next many years? It all depends on your EPS expectations, and the current market view, and the view of the large institutional shareholders in the stock, is that 20% pa for the next many years is likely. Why aren't they selling? A high current P/E is not necessarily a negative signal! Otherwise, if it was, then I would have sold this stock at $12 a share, $16, $25 etc. I have not sold it and will not sell given my present EPS growth expectations. This stock is a LONG TERM HOLD.