"What now?
I can't say I'm particularly surprised by the pop. After all, just three weeks ago I urged investors to buy shares of InvenSense before they rebounded.
As it stands, however, today's jump only just brings InvenSense into positive territory so far in 2013, and the stock is still down more than 30% from its levels this time last year. Even better, when you factor in the latest numbers, InvenSense now trades hands for just 18.4 times last year's earnings. If you back out that $200 million in cash (or more than 21% of the company's total market cap), that trailing P/E falls to a mouth-watering 14.5.
Considering analysts' hefty long-term growth estimates north of 20%, I'd say shares of this small cap still look like a screaming buy."
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