Largest volume of the day was a 25k sell at auction for $4.03,...

Largest volume of the day was a 25k sell at auction for $4.03, which is evidence of short term weakness IMO.

That being said, since the big 18% pull back to 2.20 two weeks ago, this thing has just gone mental and the only reasonable explanation is institutional buying out of the US around Canaccord.

Revenue projections for August next year are sitting at around $62.5 - 75m (125 clients on Stage 2 @ approx $500-$600k per client - which accounts for a spread of small and large clients...) and this only represents 5% share of hires going to 1PG.

So, on this alone, assuming a 20-30% operating profit margin (not unrealistic given this is a SAAS company) we're looking at about $15m-$20m operating profit this time next year...at current prices, MC is about 560 million...which is roughly a P/E of 40 or so.

The above is all very rough, so I'd be interested in some (constructive) feedback. I agree, at current prices, there appears to be lot of froth. But then again, Uber is valued at $40 bil and hasn't made a profit. So if the yanks are pushing this, then it might be best to just hang on for the ride...?