Buying More of This Name Amid Relief Rally
We're heeding positive tailwinds and capitalizing on an oversold condition.
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Stock Buys
| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
AXON | Buy | 54 | $391 | 445 | 3.25% |
After you receive this alert and when the market opens for trading, the Pro Portfolio will:
Buy 54 shares of Axon (AXON) at or near $391. Following the trade, the Portfolio will own 445 AXON shares, roughly 3.25% of its assets.
Following our comments on Tuesday, we are using the combination of the oversold condition in AXON shares and the relief rally set to unfold in the market on Wednesday to build up the Portfolio’s position at better prices.
In the face of recent pressure on the shares, which has come without any corresponding Wall Street cuts to stock ratings, earnings expectations or price targets, we will continue to track and monitor signals pointing to rising adoption of its products in the public safety and related markets. The same goes for productivity-led solutions that help address police and related staffing shortages, a tailwind for Axon’s higher-margin service business.
As we make Wednesday's trade, a move that will reduce the portfolio’s average cost basis, we will reset our panic point to $340 from $400.
Related: As Iran Conflict Weights on Markets, the Korean Defense Sector Is Thriving
More Pro Portfolio
- Making 3 New Buys and Trimming 2 Holdings as We Layer in Protection
- We're Tracking 21 Portfolio Signals Across 9 of Our Investing Themes
- March Monthly Roundup: Portfolio Makes Up Lost Ground in Tough Month
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long AXON.
