Shares of iRobot Corporation (NASDAQ:IRBT) fell sharply on Thursday after the company reported earnings that beat Wall Street expectations. Many of you may say, why did it fall if they beat on EPS and revenue numbers? The answer is simple. The company projected solid growth but still not as good as Wall Street hoped, considering in the last year iRobot Corp is up over 100%. This is where the basics of valuation come into play. The stock was just too rich for the growth projected. Investors decided to take profits and re-evaluate when the stock is cheaper. As an investor, I scout stocks that collapse, much like has happened with iRobot Corp. The big buy level is $44. There is significant support at this price point. Considering the stock is hovering around $55, it still has significant downside before becoming attractive to value investors. I will wait patiently, all signals tell investors it will get there.