The gap between bid and ask is massive (30 to 50c)It looks like we've run out of sellers in the $14s, I am not sure who was giving away their shares at these levels with the stock trading two/three standard deviations below its trading multiple.
Outside of elements within management control keep an eye on the outlook for Canadian interest rates, consensus is emerging that the central bank will cut in Q1/24. Markets tend to price interest rate movements 6 months in advance. NBLY’s current valuation is still assuming an elevated interest environment for years to come, but as we approach 2024, the stock will have to take account of the likely decline in interest rates next year.
My guess we end the year in the high teens, possibly $20+, if management reports a strong quarter next month with intiatives by new management to enhance margins starting to bear fruit.