RE:RE:Desjardins keeps at BUY , lowers target Time and time again Analysts keep buy ratings on stocks while droping target prices. Always happens in a bear market. That doesn't mean the stocks aren't a buy, but it does show that creating a 12 month target has little value to it. If they projected a 5 year+ target then target prices wouldn't fluctuate as much, or at least shouldn't in theory if a long-term investment thesis remains intact (and assuming short term factors like running out of cash aren't an issue). Of course a stock can move in significant magnitudes over the short term. The only comfort I get with THNK is that it's clearly a sector issue, rather than being a company issue, as all names have been whacked with relatively similar magnitude.
With respect to THNK the confusion created by management's guidance comments on the last call are what has prompted downgrades of EBITDA forecasts with the street now forecasting actual Adj. EBITDA for the year of just $1.4mm and $7.7mm for 2023 off of $90mm in revenue 2022 and $104.3mm 2023. Most of the research comments were a bit of a warning shot to management to the affect of "you mislead us on your EBITDA guidance because you changed your message to it being a run rate target at the end of the year vs. an actual number". But if you listen to the call SA when asked if guidance is run rate said "I think that's right" because the cost efficiencies they were projecting for 2022 were indeed run-rate forecasts, and that has been the case since day one. But the baseline EBITDA number was a forecast. If management want's to help the share price they should put out a press release to clarify their updated guidance for 2022, similar to what they had on investor presentations (which now are no longer available to download on their website, though if you click on their recent presentations you can still see it.
I find it interesting that insiders haven't been buying shares as of late. It's possible they are working on something material that is preventing them from buying shares on the open market (they would be prohibited from doing so under company materiality insider buying policies and procedures).