One such stock that you may want to consider dropping is Plug Power Inc. (PLUG), which has witnessed a significant price decline in the past four weeks, and it has seen negative earnings estimate revisions for the current quarter and the current year. A Zacks Rank #4 (Sell) further confirms weakness in PLUG.
A key reason for this move has been the negative trend in earnings estimate revisions. For the full year, we have seen 1 estimate moving down in the past 30 days, compared with no upward revisions but the consensus estimate remained flat at a loss of 9 cents per share.
Also, for the current quarter, Plug Power has seen 1 downward estimate revision versus no revision in the opposite direction, dragging the consensus estimate down to a loss of 4 cents a share from a loss of 3 cents over the past 30 days.
The stock also has seen some pretty dismal trading lately, as the share price has dropped 30.9% in the past month.
So it may not be a good decision to keep this stock in your portfolio anymore, at least if you don’t have a long time horizon to wait.
If you are still interested in the Electrical sector, you may instead consider some better-ranked stocks including EnerSys (ENS), ESCO Technologies Inc. (ESE) and AO Smith Corp. (AOS). All these stocks hold a Zacks Rank #1 (Buy) and may be better selections at this time.
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