Howard Hughes (HHC) notable insider buy on 4/5 from director Allen Model of 4,300 shares at $97.17, a more than $415,000 buy. Top holder Pershing Square also added $200M in stock in January around $80. Shares have traded well in 2021, up 25%, and now flagging in a weekly range under $100 with a breakout targeting a run to $120. The $5.4B company trades 32.66X earnings, 7.7X sales, and 5.3X cash. The company is guiding to 35% revenue growth in FY21. HHC sells land to builders in the US for commercial, residential, and mixed-use properties while also developing their own planned communities and commercial assets. They saw a surge in demand last year for their Master Planned Communities and expected to continue into 2021 as new home sales, “a leading indicator for future land sales”, jumped 10% Y/Y. HHC builds many of their communities in suburban areas which are on the positive side of a big secular shift out of densely populated areas and into high-cost states. HHC is positioned well in the Southwest and West, both of which are seeing a new influx of buyers as well. Analysts have an average target for shares of $115 with a Street High $150 at BWS Financial. The firm out raising estimates on 2/16 citing their new Las Vegas builds and how they think growth in multifamily properties should lead to a quicker timeframe of reaching rent stabilized status for Howard Hughes’ new properties and help sustain higher rental rates. Piper positive on 3/1 calling HHC one of the best ways to play the post-COVID world which is driven by housing and Sunbelt migration. Hedge fund ownership rose 6% in Q4. Pershing Square has been a top holder for a while and holds 13.5M shares.