This valuation feels extremely low for a leader in a growth sector, and that is before we consider the fact that facebook's stock is probably overvalued, and the team at Oculus are smart enough to know that.

Possible reasons for the valuation:

1. Sony's announcement. It really wasn't a big surprise, but I can imagine this spooked some people involved with Oculus

2. Production delays or other unexpected development issues - but what could they have been?

3. Oculus has always seemed more of a PC product, so perhaps there are factors in the PC market we are unaware of that they know better?

4. Valve. I'm not sure how they factor into this, but there are a number of possibilities. Oculus team not liking them? Valve working on a competitor? Facebook trying to position themselves as a buyer?

What are your thoughts?