Long Position on MTH @ $135.00 on 6/22/2023 (Momentum)

Meritage Homes Corporation (MTH), together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. 

The company operates through two segments, Homebuilding and Financial Services.

It acquires and develops land; and constructs, markets, and sells homes for first-time and first move-up buyers in Texas, Arizona, California, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee.

The company also offers title and escrow, mortgage, title insurance, and closing/settlement services to its homebuyers. 

Shares are in the process of moving higher out of their bullish "cup and handle." Higher share prices are expected. 

On April 27th, MTH reported 1st Quarter March 2023 earnings of $3.54 per share on revenue of $1.3 billion. The consensus earnings estimate was $2.51 per share on revenue of $1.0 billion.

Entry Point: $135.00

Stop Loss: $129.00

Trading Range: $63.64 - $135.66

Target Price: $148.00

Position closed on 7/21/2023 at price of $140.00 with a 3.70% gain in 29 days.

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