I think it is reasonable value at around 45c, if I had to choose...

I think it is reasonable value at around 45c, if I had to choose I would call it a "hold", but it is not looking like a buy to me. It seems like an average, "will probably beat the market" style investment at this price, but the risk/reward does not seem stacked in buyers' favour.

You'll need some pretty great performance to justify the buy. This stock is way out of value territory.

Although I consider it worth holding, due to the foreign currency exposure, I've decided to sell my shares and buy shares in a company that reminds me of Azure at 27.5c, rather than 47.5c.

What's really changed in that time?

The company has reported pretty much as expected, maybe even a bit worse than expected.

Pie funds sold at around 27c, Buzza sold at around 25c, the CEO sold (some) at 45c and Australian Ethical is selling at around 47c - they were buyers at around 27c, so they made nice returns of 70% in a few months.

Aus Ethical and Pie are two of only a handful of funds that I'll follow from time to time. Obviously Buzza and Gray know a thing or two about the business. Dumaresq moved it to hold.

There could be a way to run but it could also be that this company is pretty fully valued.

I prefer hold companies that make me think "this is cheap, no way am I selling at current prices."