An analyst with a leading investment bank tracks the stock of Mandalays Inc. According to her estimations, the value of Mandalays Inc.$\text{'}$s stock should be $$78\mathrm{.}54$ per share, but Mandalays Inc.$\text{'}$s stock is trading at $$99\mathrm{.}25$ per share on the New York Stock Exchange $($NYSE$).$ Considering the analyst's expectations, the stock is currently:

in equilibrium

overvalued

undervalued

The following graph shows a stock's actual market price and intrinsic value over time. The intrinsic value comes from another research analyst. Use the dropdown menus to label the periods in which the stock was undervalued or overvalued.