Sourcefire Inc. (FIRE) hits a new 52-week low after the Network Security company IPO’d back in March 07. Sourcefire’s shares are down 27% today and trading around $12.50 after they forecasted a Q1 net loss of $2.2M to $2.6M on revenue of $10.1M to $10.5M.
Just a few months ago Sourcefire (with $39M in accumulated deficit) went public valued at 7.5 times revenue. Shares of FIRE have traded up to $18.83 duri
ng the past few months, but today it’s going down in flames. The company is built around SNORT® – its open source intrusion prevention and detection technology. Why they didn’t go with a Beavis and Butthead logo is beyond me, why choose a pig when your ticker is FIRE?!! Come on, Beavis would love it. It’s early in the game for Sourcefire, and now that the stock has dropped, it may be worth watching. SNORT has had 3,000,000 downloads, which is almost how many times Beavis and Butthead have downloaded pictures of Britney Spears. Think FIRE is worth investing in? Let’s give it a few months, but by all means, place your bets gentlemen. The only thing Sourcefire’s management is worrying about today is T.P. for their bunghole, right Beavis?