Valueclick has fallen by about 20% from its 52 week high made a month ago. There has been some rebound, but more such days are required to confirm that the trend is reversing. A large part of the decline can be attributed to the guidance / earnings for the last quarter. The company reported earnings per share of $0.34 which was below expectations. Further, for the second quarter also it expects revenue to be in the range of $164-$168 million and the GAAP diluted EPS to be between $0.29-$0.30. This is below what the analysts had in mind, which indicates that there may be some slowing of growth for the company. A recent article on insidermonkey has also expressed concerns about slowing growth. As per Zacks, the top-line growth and profitability will be adversely affected by unfavorable foreign exchange, sluggish European and US market growth, and stiff competition. However, the market for online advertising is growing, and hence the company can potentially increase its growth rate. The market is dynamic, and innovative new ideas can help the company succeed. The competition is increasing because startups and companies like IZEA (IZEA) are coming up with innovative concepts all the time. Despite the recent decline, Valueclick is still up by more than 56% on a 52 week basis, and 66% above its 52 week low made in August. The valuations remain reasonable with a trailing P/E of 18 and forward P/E of around 12. PEG is 0.98 which indicates reasonable expectations of growth. The liquidity and leverage are also favorable as the debt is $80 million and the cash on books is $129 million. The net margin on a ttm basis is around 16%. Considering this, the stock can do well if the company is able to leverage the expected growth in online advertising to its advantage. Faster growth is required.