Long Position on AJRD @ $53.60 on 12/7/2022 (Momentum)

Aerojet Rocketdyne Holdings, Inc. (AJRD) designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. 

It operates in two segments, Aerospace and Defense, and Real Estate.

The Aerospace and Defense segment offers aerospace and defense products and systems for the United States government, including the Department of Defense, the National Aeronautics and Space Administration, and aerospace and defense prime contractors. This segment provides liquid and solid rocket propulsion systems, air-breathing hypersonic engines, and electric power and propulsion systems for space, defense, civil, and commercial applications; and armament systems.

The Real Estate segment engages in the re-zoning, entitlement, sale, and leasing of the company's excess real estate assets. It owns 11,277 acres of land adjacent to the United States Highway 50 between Rancho Cordova and Folsom, California east of Sacramento. 

Shares have formed a bullish "pennant" following company's latest quarterly report. On November 1st, AJRD reported 3rd Quarter September 2022 earnings of $0.45 per share on revenue of $549.8 million. The consensus earnings estimate was $0.44 per share on revenue of $560.1 million. Revenue grew 0.8% on a year-over-year basis. Higher share prices are expected. 

Entry Point: $53.60

Stop Loss: $51.00

Trading Range: $35.47 to $56.00

Target Price: $59.00

Position closed on 1/9/2023 at price of $55.90 with a 4.29% gain in 33 days.

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