Interesting thoughts from Gaurav Sodhi at Intelligent Investor today:

https://www.intelligentinvestor.com.au/recommendations/audinate-interim-result-2025/154269

This quote stood out for me:

"Your conspiracy-minded friends will see affirmation; we see a stock that was heavily shorted and didn't deliver any more bad news. Short sellers furiously covering their positions explain the market move more convincingly than the financial statements do."

TLDR: Proof of life is not proof of thesis, and the price action is more ass covering than evidence of consolidating growth.

Disc: Happily held.