There are two thoughts on the reason for this fall today: 1. Word has seaped out that this quarter's earnings are bad, or 2. the people in the know are buying these lower priced shares on the cheap, creating a killing for them once positive earnings have come out. I guess we'll find out soon which is which.
I am long PRFT, but, must say that your second theory makes zero sense. Because insiders are buying on the cheap, the stock is falling?
First reason is logical. An alternative, realistic, second reason is general nervousness in the market relative to direction of the economy, and related susceptibility to a soft economy for a company like PRFT especially given their need to grow on top of aggressive prior quarters. It is entirely possible that tomorrow's numbers look great, and the stock gets hammered even more on account of that general fear.
It would seem that news has gotten out to the select few. The amazing question is: How bad are earnings, and at what price will bad news be built into it? Will it fall another 2-3 dollars tomorrow? I loath the day I bought this stock. I won't sell. I will hold this stock for years if I have to.