Here's a scary thought. Go back to when it was in the $10 range and my recollection is it tended to trade at a multiple of 10! You don't want to do the arithmetic on that scenario, but when they break down like this anything is possible. There's just no serious market for this outside the cozy little group that's held it all these years
I don't fault them for not adding more Tokyo's in such a short time, but they do have to get that pe down. As you point out they'll need more big wins to accomplish that or get better traction from their pipeline of offerings. And we've heard little about that.
I suppose the comforting stat is the insiders are holding, it's the funds moving out.