Locking in Some Big Gains, and Buying More of Another Position
We are making a prudent move, one that still leaves us with ample exposure to Qualcomm.
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* We are locking in some large gains on QCOM and adding to AXON.
| Symbol | Transaction Type | #Shares Traded | Recent Price ($) | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
QCOM | Sell | 105 | 203 | 935 | 4.0 |
AXON | Buy | 88 | 285.50 | 623 | 3.75 |
After you receive this Alert, we will make the following trades:
-- Sell 105 shares of Qualcomm QCOM at or near $203. Following the trade, QCOM shares will account for roughly 4.0% of the portfolio.
-- Buy 88 shares of Axon Enterprise AXON at or near $285.50. Following the trade, AXON shares will account for roughly 3.75% of the portfolio.
We are ringing the register today, booking some of the pronounced move in Qualcomm shares, which have risen more than 93% since late October. We see this as a prudent move, especially because the surge in the stock led QCOM to become the largest position in the portfolio at near 4.8% of the assets. While this is a good problem to have, we shared we might make such a prudent move when we boosted our QCOM price target to $230 from $210 yesterday. We recognize further upside ahead for QCOM shares, which is why we are still keeping a sizable position size for the portfolio.
We are deploying a portion of that returned capital into AXON, using the recent share-price pressure to round out our position size. We may do the same with Nvidia NVDA depending on the market reaction to its earnings tonight or with Coty COTY once we’ve digested earnings from e.l.f. Beauty ELF.
We’ll have a more detailed note out shortly sharing the "why" behind our buying more Axon shares.
More Pro Portfolio:
- A Netflix Opening Gives Us a Reason to Pick Up More of These Shares
- Weekly Roundup: Fed Hits the Brakes on Rate-Cut Hopes
- Signals From Our Investing Notebook
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long QCOM, AXON, NVDA and COTY.
