We're Locking in Massive Gains on 2 Holdings After Surge
We're also raising our price target on one name and amending panic points for both.
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Cash
| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
MRVL | Sell | 275 | $127 | 1,785 | 4.1% |
SSSS | Sell | 1,500 | $12.50 | 18,060 | 4.1% |
After you receive this alert, the Pro Portfolio will make the following trades:
Sell 275 shares of Marvell (MRVL) at or near $127. Following the trade, the Portfolio will own 1,785 MRVL shares, roughly 4.1% of its assets.
Sell 1,500 shares of SuRo Capital (SSSS) at or near $12.50. Following the trade, the Pro Portfolio will own 18,060 SSSS shares, roughly 4.1% of its assets
The combination of multiple positive data and confirmation points has not only propelled MRVL shares significantly higher of late, as we can see in the chart below, that move has also placed them deep into an overbought condition.
It’s also pushed the position size past 4.5% of the Portfolio’s assets. Those same data points give us enough latitude to take our long-term MRVL price target to $150, up from $140, but that upside, paired with the overbought condition, will see us downgrade the shares to a Two rating from One.
As we make that move, we will also bow to our Portfolio discipline and lock in some gains in MRVL shares, but also SSSS ones as well. Like MRVL shares, SSSS shares have also been on a tear, pushing them into an overbought condition and once again above a 4.5% position size for the Portfolio.
In both cases, we continue to see further gains ahead, which explains why we continue to retain sizable positions even after these hefty register-ringing trades.
As part of all this, we will lift our MRVL panic point to $80, near the 200-day moving average, and do the same for our SSSS panic point, putting it at $9.
Related: China’s Influence Rises as Beijing Becomes Unusual U.S. Ally on Iran
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 SSSS and MRVL.
