Long Position on DAC @ $78.00 on 9/23/2021 (Momentum)

Danaos Corporation (DAC), together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. 

The company offers seaborne transportation services, such as chartering its vessels to liner companies.

As of February 28, 2021, it had a fleet of 65 containerships aggregating 403,793 twenty foot equivalent units in capacity. The company was formerly known as Danaos Holdings Limited and changed its name to Danaos Corporation in October 2005. 

On August 2nd, Danaos reported 2nd Quarter June 2021 earnings of $3.34 per share on revenue of $146.4 million. The consensus earnings estimate was $3.26 per share on revenue of $146.5 million. Revenue grew 25.3% on a year-over-year basis.

Shares have climbed above their 50-day moving average as they climb in their upward trading channel. The lower boundary of the channel coincides with the stock's 50-day moving average. Higher share prices are expected.

Entry Point: $78.00

Trading Range: $5.79 to $89.42

Stop Loss: $75.00

Target Price: $85.80

Position closed on 10/29/2021 at price of $75.00 with a -3.85% loss in 36 days.

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