I believe the bottom is certainly not in. Performance is still weak - while the market is at record highs. The company has to explain "the complex corporate structure" in the earnings announcement because it is smoke and mirrors what the publicly traded shares actually represent.
Earnings are down - profit is barely enough to cover the dividend. They gave up on the repurchase as they realized they can not unilaterally support/manipulate the share price as their weak performance is clearly of more importance. Similar to what's happened with most other repurchases, shares are well below their average purchase price.
You have year end tax selling beginning in a few weeks - shares will see new 52 week lows and likely go sub-$9. You see some reason for the shares to trade at a 20+ PE? Heaven knows what it really is on a GAAP basis.
This entire year has been nothing but pumping of the stock by naive writers who had absolutely nothing besides claiming the CEO was purchasing shares - which was not the case at all.
There are plenty better places for your money at this time.
The acid test was the stock not going lower after earnings report. No matter what your argument is, the bottom line is that the stock held up. It didn't go higher, but it did hold up.
I agree with everything you say except the stock going sub-$9. The market has been too strong and ultimately, I believe the old phrase, a rising tide lifts all boats, will apply to CLMS even though it is truly one of the weakest boats.
Time will tell my friend. Yours are quality comments so keep me informed. Until then, I continue to feel (price) good as to where I entered into my position. I will feel a lot better on a technical basis when the stock pushes higher/breaks above 10.20/share and stays there/goes higher. Regards...