I think the sellers are out. Buying is now coming in. Buy cheap while you can people...
Vonage is turning itself around and we're headed to higher profits and pps.
And I did actually tell people there would be selling on the news. Didn't think it'd be this severe, but regardless of that did you listen to the conference call? Vonage is doing much better and poised for growth. Just buy on the dips, take profits when you can, and we'll be just fine.
I don't like losing 20% in a few hours either, which is part of why I sold 1/4 of my position yesterday at $1.80.
I'm buying back shares in the $1.39 range to increase my position. Vonage is oversold now, and we're going to see buying and possibly more analyst coverage after this quarter. I think good things are in store for Vonage, but until we can get the short interest down from where it currently is (over 10% of the float!), we're going to have this kind of performance.
I don't like it either...but there is little point in locking in your losses when Vonage can just as easily climb back to $2.63 once the mobile application for Vonage World (flat fee) is released this quarter...that is the next spike in my view.