We bought ELD in early July believing the rural service provider was set to bounce 20-30% after pressure on earnings and uncertainty around leadership had weighed on the stock’s performance – so far so good the stocks bounced over 20% from June’s low. MM held a negative outlook toward ELD through FY23 but we aren’t afraid to buy deep value if we deem the risk/reward appropriate however in a similar fashion any sustained push above $8 will see us consider taking some money off the table – ELD isn’t reporting until Q4.
- Our initial target for ELD is the $8 region or ~10% higher.
MM is long and bullish toward ELD
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