Adacel Technologies Limited (ASX: ADA) saw its share price fall 9.6% today to $1.80, and shares have dropped 15.8% in the past 5 business days.
Shareholders probably won't be too disappointed though. The share price is still up 575% since the start of this year.
As I outlined in late November, Adacel has had a strong year with a number of accomplishments pushing the share price higher, including a forecast of a 50% rise in profit before tax for the 2016 financial year.
Investors may be taking some profits off the table after such a strong run. After all, the company is trading on a trailing P/E ratio of 36x.
But if the air traffic control systems and simulators developer can achieve its forecast, the P/E ratio could drop much lower. It's definitely one to add to the watchlist.