If you read our blog, you will see that we actually started to become concerned about valuation levels in late April and early May (5/01/2017 blog).
This was not the first time that we raised red flags about CELH's valuation. After the 2015 financing deal was announced and the stock went from $1.79 to $3.55 we began to grow increasingly concerned about valuation at that point in time also.
The deciding factor that clinched it for us, this time around, was the Q1 financial report. Revenues have been stagnant over the past four quarters, and CELH has lost its sequential momentum from a revenue growth standpoint.
One thing that we learned about investing in Micro-caps is that you don't ignore what is right in front of your face by making excuses and engaging in unrealistic confirmation biases (11/01/2016 blog).
Also, please refrain from making assumptions as to when we sold our CELH position. To do so would result in pure speculation on your part.
As we have said previously, we won't make a decision one way or another regarding reinstating a position in CELH until after the release of Q2 results.
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