Long Position on MHO @ $90.40 on 7/14/2023 (Momentum)

M/I Homes, Inc. (MHO) operates as a builder of single-family homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. 

The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments.

It also designs, constructs, markets, and sells single-family homes and attached townhomes to first-time, millennial, move-up, empty-nester, and luxury buyers under the M/I Homes brand name.

In addition, the company purchases undeveloped land to develop into developed lots for the construction of single-family homes, as well as for sale to others.

Further, it originates and sells mortgages; and serves as a title insurance agent by providing title insurance policies, examination, and closing services to purchasers of its homes. 

Shares have formed a bullish "cup and handle" and are on the cusp of moving higher ahead of its next earnings report on July 26th. On April 26th, MHO reported 1st Quarter March 2023 earnings of $3.64 per share on revenue of $1.0 billion. The consensus earnings estimate was $2.36 per share on revenue of $787.9 million. Revenue grew 16.2% on a year-over-year basis. 

Entry Point: $90.40

Stop Loss: $86.00

Trading Range: $35.37 to $90.78

Target Price: $99.50

Position closed on 7/27/2023 at price of $100.20 with a 10.84% gain in 13 days.

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