close you could fairly say I'm describing a lot of penny stocks, however a typical stocks value isn't an arbitrary figure as a profitable company adds value to the stock in terms of re-investing in the underlying business and to share holders in the form of dividends.
When there *are* dividends, it is possible to fairly value a stock but when there are not and the price is based on reinvestment, you may be using some similar indicators to value a company but you are still basically relying on "greater fool".