He there,
ABST is definitely much better priced now that it was. I wouldn't pay too much attention to PE which has been highly volatile. Its trading at 4.1x sales, 19x book value and 32.61 EV/EBITA - so its still not exactly cheap. Especially when one considers it was trading near half these values before its most recent run up. So it still looks rich against historical averages.
My issue with ABST - which is a solid company by the way - is that it was trading as though it is delivering hyper growth. It's not when we strip out the covid stuff. Next year, sales are expected to jump by 15% which is respectable but was not enough to justify those previous valuations. I'd say the company is about fairly valued here. Since it appears to be growing at a higher pace that historical averages (~10%), it deserves slightly higher valuations that it was trading at historically. That being said, there could be further potential downside.
As mentioned, I like ABST as a company - its a good one. At these levels, i'd be comfortably nibbling here but still think there could be room for further downside. With companies like these, I like to average into positions given the volatility.
Mat