Selling Rackspace, Buying Ondas Ahead of Earnings Season
We’re using the season before the unofficial start of earnings season to adjust some semi-rancid positions.
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There’s not a lot of news in our $10K Portfolio names on Monday morning. I am going to use this session, which comes one day ahead of both a plethora of macroeconomic releases and the unofficial start of earnings season to adjust a couple of positions that have gone semi-rancid on us.
Ondas Inc (ONDS) has continued to scrape along the stock’s lows for about three weeks now. The stock, due to the low share price, is not subject to my $8 rule. That said, the position is still 20% against us. I do believe in this name and in all of the dough that the firm is spending trying to expand. I am going to increase the portfolio’s position size.
On top of that, Rackspace Technology (RXT), which is a name that we had wanted to work our way out of, is now trading well above $5. I think we are going to start peeling those shares off until the portfolio is flat on that name. Note that I am leaving Velo3D (VELO) as is at least for the moment. No news on that short report might be good news, but I also do not want to get reckless.
Portfolio News
Evolve Technologies (EVLV)
On Monday morning, analyst Shaul Eyal of TD Cowen reiterated his “buy” rating on EVLV along with his $10 target price. Eyal is rated at five stars out of five by TipRanks. Over the past two years, he has had a 60% success rate while generating an average return of 26.4%.
Friday’s Intention vs Friday’s Actual Trade
Intention: Purchase 20 shares of (INSG) at or close to the last sale of $8.77
Actual trade: Bought 20 shares of INSG at $8.82
Monday’s Intentions
Sell 15 shares of RXT at or close to the last sale of $5.20
Purchase 25 shares of ONDS at or close to the last sale of $7.17
Current Positions
Long 150 shares of (ALTO) at $5.51. Target price: $8. Last sale: $5.64.
Long 70 shares of EVLV at $5.8746. Target price: $8.50. Last sale: $5.98.
Long 20 shares of INSG at $8.82. Target price: $11. Last sale: $8.82.
Long 200 shares of (OCUL) at $8.271. Target price: $11. Last sale: $10.10.
Short one OCUL $11 September 18 call at $1.65. Last sale: $2.08.
Short one OCUL $9 July 17 call at $0.90. Last sale: $1.30.
Long 250 shares of ONDS at $8.976. Target price: $14. Last sale: $7.17.
Long 20 shares of (PL) at $27.8225. Target price: $46. Last sale: $25.64.
Long 35 shares of RXT at $6.4529. No target price. Last sale: $5.20.
Long 145 shares of (SOFI) at $15.9559. Target price: $24. Last sale: $19.33.
Short one SOFI August 21 $20 call at $1.02. Last sale: $1.17.
Long 30 shares of (SWBI) at $15.74. Target price: $19. Last sale: $15.73.
Long 60 shares of VELO at $13.6343. Target price: $18. Last sale: $13.14.
Cash: $1,137.76.
Portfolio Value: $10,704.23, +7.0% from inception on March 24.
At the time of publication, Guilfoyle was long ALTO, EVLV, INSG, OCUL, ONDS, PL, RXT, SOFI, SWBI and VELO.
