Envivio Update

I have done some more digging around on this stock and I am a little less sanguine but still optimistic. The company has some problems that were not obvious at first glance. The IPO was postponed several times and some questions were raised. It eventually IPO'd at $9 and immediately dropped down to just over $8. As I said previously its drifted down from there. But I am seeing some comments about the competitive landscape that are a worry. One of the other companies I watch HLIT is a competitor and it seems that Envivio does not have much of a ring wall around its technology to protect it from competitors. Having said that they seem to be doing well with marketing and have convinced some pretty bright boys such as Huwai that they have leading technology. Overall I think at $2.41 they are a buy for me, it appears that this figure is not much above the money in the bank, so values the company at about 40 cents. But I will say that its not as much of a bargain as it first appeared.