Long Position on MHO @ $93.75 on 8/21/2023 (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.

On July 26th, MHO reported earnings of $4.12 per share on revenue of $1.01 billion for the second quarter ended June 2023. The consensus earnings estimate was $2.45 per share on revenue of $822.80 million. Shares are heading higher in an upward trading channel. Shares are presently at the lower boundary of the channel. Higher share prices are expected.

Entry Point: $93.75

Stop Loss: $89.00

Trading Range: $35.37 - $101.62

Target Price: $103.00

Position closed on 9/19/2023 at price of $89.00 with a -5.07% loss in 29 days.

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