This company is NOT growing earnings. This will be 3 years in a row of declining earnings with that forecast to continue. No dividends. A p/e for a company like that should certainly not exceed the S&P's p/e of 15. Currently the p/e is over 21. With 0.70 in earnings forecast and a 15 p/e gives a price of 10.50. It may not go that low, but it's possible especially if the overall market decline continues. This is NOT oversold.
I rarely make comments on these boards, mostly because it's riddled with people trying to make a quick buck, shorting or pushing a stock. But IIVI shows over 10% growth each year. .80 in 2013 and .91 in 2014 (estimated). I'm going long and as you can see by today's recovery, the proof will show.