It is interesting. I have been doing some digging myself . When Appen came on as IPO, it's valuation was just about $48m in Jan 2015 but at end of 2014 it was already making revenues of $22m and profit of $1.6m.
This really makes a lot of tech stocks (unprofitable ones and especially those without revenues) extremely expensive in contrast. Or it merely reflects the premium valuation tech stocks are having because Nasdaq is at an all time high. But to me, it doesn't look like a lot of value in the smaller end of tech stocks.
