There will always be trading. It has nothing to do with pump and dump. Nothing goes straight up. This is another problem with retail is impatience and greed. As irrational as the market is(tesla, facebook,etc) it is not going to pay more generally than it has to for something until that something proves it can show results.
Meaning Deckers can open as many stores as it wants to over the next 5 years and one can logically conclude that these stores will produce growth. One can see Deckers coming out with new products and logically conclude that it will grow revenues and earnings.
One can logically conclude that UGG PURE is going to save us lots of money over time as management has explicitly stated it will and allow for better product which will lead to more growth.
THE MARKET though doesn't have to appreciate all of this unitl it happens, and this is a multi-year story so those looking for immediate satisfaction best buckle up. It is going to be a long ride.
If the market gives deckers the benefit of the doub going into earnings you are going to sell-offs. We are in a great spot as we are not being given the benefit of the doubt at this price for good earnings come february.
This october earnings could go either way but I do expect us to be in the 70's afterwards.
One can also logically conclude that management has their net worth tied up in this company and hasn't sold anything these last two years.
THE MARKET for whatever reason does not care and it doesn;t have to. That is the whole point. If it did and priced in this companys real worth, then there would be no outperformance over time and I wouldn;t be here ;)