TheStreet.com's columnist Troy Wolverton writes today that in light of less than steller subscriber quarterly growth numbers reported yesterday, many analysts consider the stock price of BlackBerry-maker Research In Motion to be overvalued.

Troy implies he's picking up some analyst skepticism to statements made by RIM executives during yesterday's quarterly investor conference call that subscriber growth was slower than hoped for this last quarter because of summer-related "seasonality" factors.

"Seasonal factors typically have little effect on fast-growing businesses, " Troy notes some analyasts as saying. "The fact that RIM is starting to see some seasonality could be an indication that its business is starting to mature.

"'They have to do something about improving subscribership,'"Troy quoted Scott Rothbort, president of LakeView Asset Management as saying.

Apparently, investors seemed to embrace that view today. RIM fell big time. Here's by how much:

Nasdaq (RIMM)- $70.00, down $7.25 (-9.39%) from Tuesday's $77.25 a share closing price.

Toronto Stock Exchange (RIM)- $81.54 (CDN) a share, down $8.88 from yesterday's $90.42 a share (CDN) final.