UTA - held and bounced off 50DMA nicely to close at HOD, 6.76
I feel the pain of others with CCME and my port took a good hit too, but for now I think it is prudent to overweight in CGS names that have already been hit and follow the money that is trailing into those names. I want to buy more CCME, but I don't know if they are done yet and this issue is in the rear view mirror.
UTA is a prime example of a stock that was hit, recovered and is now being bought big by institutions, now at 30.6% institutional ownership. Their hit and run is now rear view. Took 4 months to recover.
CCME has just been hit and will need to forcefully defend itself to street (potential institutional investors) before their 12.6% institutional ownership will move up.
Institutions (and Valente) are what brought UTA from $3.68 to $7.98 after their hit job and their support is now giving retail investors the confidence to buy into this name again. With Q4 numbers around the corner to show 45-50% YoY top and bottom line growth and a quickly shrinking float, UTA is the CGS rocket on the launch pad to watch right now IMO.
