"I suspect the market is pricing in a big Dec quarter in...

"I suspect the market is pricing in a big Dec quarter in anticipation for Feb reporting season" - this is a valid statement. RBL has overperformed as well, and I would contribute this to some other competitive advantages that Redbubble has (for instance, vs. TPW). i.e. If I have $1 to invest and all stocks are fighting for this $1, which one would win and why?

" I wonder how high can RBL run-up before an inevitable pullback/correction." - this is a good question as it is a totally valid scenario, especially for the short term volatility.

However, if you are planning for long term investment, I would invite you to look into Goldman Sach's valuation and others being posted on this forum. You can get really get intimate with the numbers and assumptions being used in these evaluations. In turn, you can then use your own judgement on how much you would pay for this stock.

For short term volatility, no one can really guess what's going to happen. But this stock has already experienced news such as vaccines, US election, owner selling down some stocks. (i.e. that's why it went down to $4 in the first place.)

Airbnb has doubled its share price on the day of IPO. I can't help but wonder what the share price could be if this were RedBubble.

"The other thing I have noticed with RBL is that it often rallies late in the trading day recently, which is quite interesting." - this is a nice way to sum it all up. We all have our own valuation of this stock and investment timeframe. I would refer myself as a smallholder. But what do other bigger holders think? What do they want to get out of this stock and in what timeframe? (don't forget there are short term traders too). Once you take into account all these, it kind of explains why the SP behaves a certain way. That is why understanding the fundamental is important (and exciting for this stock); otherwise, all these SP movements could be manipulative.