Long Position on LGIH @ $121.00 on 7/7/2023 (Momentum)

LGI Homes, Inc. (LGIH) designs, constructs, and sells homes. It offers entry-level homes, such as attached and detached homes, and active adult homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name.

The company also engages in the wholesale business, which include building and selling homes to institutions looking to acquire single-family rental properties.

The company serves customers in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, and Maryland. 

Shares are heading higher in an upward trading channel. Presently, shares are at the lower boundary of the said channel. 

Yesterday after the close, LGI Homes "announced it closed 664 homes in June 2023. In addition, the Company announced quarterly home closings of 1,854 during the second quarter of 2023. As of June 30, 2023, the Company had 102 active selling communities."

Higher share prices are expected.

Entry Point: $122.00

Stop Loss: $115.00

Trading Range: $74.61 to $135.49

Target Price: $134.00

Position closed on 7/12/2023 at price of $134.00 with a 10.74% gain in 5 days.

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