I sold my 200 shares of Under Armour today at a price of $97.55 for a short term profit of $6,062. (You can read why I bought UA almost a year ago at $67.14)
I hated to sell this stock as I absolutely love the company and wear their clothing all the time. I’m seeing more and more people wearing the UA brand on the street and their knack of picking young athletes that go on to excel has been uncanny lately.
The stock, however, has shot up so fast and has such a high P/E (104) that I’m afraid to hold it any longer. The whole market is struggling and I fear that if we get that correction everyone is talking about, UA will go down with it. At this point, I don’t want to get greedy and feel I need to take the gains I have right here.
Again, I really didn’t want to sell this stock and feel Under Armour has a great future ahead of it. I will seriously consider buying the stock back should it go back down into the low $80 range. Sometimes its just best to cash out when you feel nervous about a stock and that is the case with my Under Armour sell today.