M3 (TSE:2413) has caught the attention of investors after its recent price movements. Over the past month, the stock has declined by 9%, despite solid annual revenue and net income growth. Let’s take a closer look at what is behind these shifts.

See our latest analysis for M3.

After a strong run earlier this year, M3’s momentum has cooled lately, with a 30-day share price return of -9.09%. Even so, the year-to-date share price return still stands at an impressive 53.33%, and long-term shareholders have enjoyed a 1-year total shareholder return above 50%. However, the longer-term three- and five-year returns show past volatility that is hard to ignore. Right now, the market seems to be recalibrating its expectations around growth and…