Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of MobileIron (NASDAQ:MOBL) dropped by more than 13% during the July 15 trading session, although the loss was partially reversed over the course of the day.

So what: The shares dipped below their $9 IPO price in just over a month after trading began. The stock had gotten a boost following the initiation of coverage by a number of sell-side shops, with target share-price targets between $13 and $15. The stock currently trades at $8.79 per share.

The move today does not appear to be based on any fundamental news. However, given that today was a weak day for tech, and given that MobileIron is a small-cap tech company that trades at a nosebleed valuation, it was a ripe name for a selloff.

Now what: Shares of MobileIron don't exactly look like a bargain at nearly six times sales. Further, even at the high end of sell-side expectations the company looks on track to lose $1.36 per share this year and $0.79 per share next year. To top it all off, sell-side consensus currently pegs fiscal year 2015 full-year growth at a whopping 38%, with even the most pessimistic of the bunch calling for 36.3% growth, so there's a lot of optimism baked into these shares. While optimistic doesn't necessarily mean unrealistic, the company has a lot to prove before the stock begins to look like anything resembling a bargain.