EML Payments (EML) released its full-year results on the 29th of August, and the market reacted positively to the news. You can view the full investor presentation through the link below.
https://announcements.asx.com.au/asxpdf/20230829/pdf/05t6m977t2pndx.pdf
On the day the full-year results were released, the EML closed at $0.98, up a remarkable 31.5%. And since then, the share price has continued to increase and is now trading at $1.20.
Our purchase price was $0.82, meaning the open position is in profit by 46.3%. The high conviction model portfolio recommended opening a small initial position for 2,500 shares.
Given the sharp rise in the share price, we look to sell part of the position to lock in profit and increase the stop loss on the remaining shares. We are going to let out profits run on part of the position in the hope of making an outsized profit on the remaining shares.
TRADE ACTION
Take Profits: Sell 1,000 shares at $1.20 ( We are selling 40% of the position)
Increase stop loss : On the remaining shares increase stop loss to $1.05.
