We have some comments posted here.
Its recent performance is likely a combination of factors: anticipation that geopolitical tensions have peaked and are beginning to decline, price consolidation/profit-taking in the defense industry, and many high-growth, non-AI-adjacent stocks seeing pullbacks as investors likely pull money from winners and into the AI hardware space (rotation).
Overall, it is up over 190% in the past year, up 6% year-to-date, and the upward long-term trend is still intact. We don't feel anything is fundamentally broken here, more so a confluence of events that are historically typical for the financial markets (rotation, profit-taking, sentiment/narrative). The long-term secular themes of subsea battery tech, autonomous underwater drones for offshore energy and defense are still there, and we think PNG is a leader in that space.