Today the market may be trading down to sideways but one of our names, Align Technologies (ALGN) has gapped up after releasing earnings yesterday. We like ALGN because their Invisalign systems are a far superior solution compared to traditional braces. As a kid who wore braces during middle school, I have first-hand knowledge.
Just before noon, 22OCT2020, ALGN is up $105.66, or roughly 31.5%. We originally added ALGN to our portfolio in January 2017 for $93.89 per share so, if you ignore the loss-realizing trade I made this past spring, today our ALGN shares experienced a Spiffy-Pop. Crack the champagne. Well, I actually bought pizza and beer for lunch with the kids as they learn from home.
To make our stake in ALGN more fulfilling, I successfully sold and repurchased the shares at a lower price this spring to harvested a capital loss. Though our original cost basis was $94, the shares changed accounts and received a step up in basis (to $296.34) in May 2018. In late February I sold the ALGN shares for $242.24 but repurchased them for $164.79 in early April. Don’t you love it when a plan comes together!?!