Today's price is ~$29.70. The average estimate for next year's earnings is ~$4.00. That gives the company a forward PE of ~7.5. They generate $225M in cash flow per year and the international business grew 9% last quarter (yoy).
Perhaps you can suggest an alternate investment in the smart grid and provide similar numbers to justify why it is better than Itron?
The trouble with this stock is that the daily volume is low and the short position is relatively high. As a result, the stock can be manipulated down by shorts. Fortunately, that is a short-term affect. In today's market, ITRI is a great trading stock but a nerve-racking long-term investment.