The fall may have stopped a little, but there is no sign of any strength in the stock. However, despite a huge correction from the highs, the stock is still 100% up from its 52 week low of $4.77 made in November last year. It is a very low volume stock and hence the volatility is very high. The stock may correct a little more and then stabilize. Thereafter, it may remain in a range till the next earnings. For the sentiments to change, the fundamentals have to improve substantially. It may take a few quarters of good performance to build some confidence in the future prospects of the company. Mainly the margins need to be improved so that a strong turnaround is achieved and sustained. Revenue growth is also important and for that it may look at innovative products being launched in the market. Chromadex Corporation (CDXC) has recently launched Nicotiniamide Riboside (NR) which is an innovative molecule being promoted as a wonder vitamin. The market for nutritional products is robust, and the company may benefit from the growth story. With proper focus and strategy, achieving revenue growth may not be that difficult. Improving margins may be the real test for the company. In any case, it may be sensible to avoid the earnings exposure for Mannatech next time around. There have been some management changes, but how they will translate into real numbers remains to be seen. But one good thing is that the expectations may have reduced significantly. Though the turnaround is slow, there has been improvement on a yoy basis for net income. However, the decline in revenues remains a matter of concern. In fact, it may be better if the company goes a little slow on revenue growth but manages to strengthen the bottom line.
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