As to comments made by ustaknow and impliedvol, I'd say they're both right but that this is a matter of your trading/investing strategy. I agree with impliedvol in that I'd wait before climbing on board as I think without a positive catalyst that it's going lower and you can get a better entry point. However as ustaknow correctly states one big deal could take ACTG from looking for a bottom to looking extremely undervalued overnight and a person could wake up one morning to the price being $5 higher and moving up.
Btw, I am not as pessimistic after this CC as I was after the last two. Last two conference calls were clearly full of lies, unjustified optimism and lawyer bull. During this call they seem to be me more sobered up. They realized that there are no low handing fruits in that business anymore. They didn't make any commitments and they are not certain when they will be making money. This type of uncertainty will drive more and more investors away until the point the stock is fairly valued. I believe that we are close to that point.
Where do you see a cash cow... The revenue is on the steady decline and they are loosing money every quarter. This is their third bad quarter in a row.
$24 is not coming back anytime soon. The dividend will be gone if this performance performance persists.
Wait until the short interest jumps to 20-30% and stock is downgraded to strong sell. At that point everything should be priced in and averaging down will be more reasonable.
$16 would place this company to 800m market cap which is unreasonable.