"Are you basing your gut feelings on stocks past traded or tracked?"
Yes ... the summer-time pattern is/has been exhibited by almost every 'spec stock' I ever traded in my life.
"Based on the multiples suggested by David Wong - Canacord Capital - the stock will have a value of $13.00 and $19.50, for multiples of 10 and 15, respectively."
Well, he's quite obviously wrong so far, isn't he? We'll have to wait and see, he might be correct later in the fall. How can you ascribe 'multiples' to a company that doesn't even yet have positive earnings? I'm guessing that you'll try to tell me that these are multiples based on revenues and not earnings -- fine for an 'internet stock', but MCF is NOT an internet stock, at least not in the strict sense of the term. Most of their current revenues still come from more traditional sources such as PPL and their other divisions, not sales of iFront.
"... I'm quite satisfied, at least, for now, to just wait it out."
That's what is most important, that you are comfortable in your position and able to sleep at night. I'm certainly not trying to convince you otherwise, I'm merely offering up my own comments here in response to your questions.
"... I hope we both come out ahead in the end."
So do I, there's absolutely no reason not to, unless we get greedy. One of my favorite sayings ... "Bulls make money. Bears make money. Pigs get slaughtered!"
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