I had been waiting for the next quarterly to see if the slide in margins continued or started to turn. Unfortunately it continues to slide down to 54.4% this quarter. I think this will reinforce the negative narrative around this stock.

The CEO last quarter was adamant this was going to return back to historic levels, which had been the position for each of the last 3 quarters, but 3 data points make a trend for me. I am watching this one with interest, but I think I will keep standing aside. The upside reward isn’t there for me yet, but I think it will be sooner or later.