Three Stocks to Avoid or Sell Next Week

Seeking out great stocks to buy is important, but many would say it’s even more essential to know which stocks to steer clear of. A losing stock can eat away at your precious long-term returns. So, determining which stocks to trim or eliminate is essential for proper portfolio maintenance.  

Even the best gardens need pruning, and our team has spotted a few stocks that seem like prime candidates for selling or avoiding. Continue reading to find out which three stocks our team is staying away from this week. 

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Moderna (MRNA) 

Heading into 2023, Moderna is still relying on its covid vaccine to bring in the lion’s share of its income. Generating its income from a single drug (Spikevax) is a risk no $70 billion company should take. With the worst of COVID-19 behind us, Moderna’s sales could plunge by 25% to 68% this year based on analyst expectations. The consensus of $8.74 billion represents a valuation of 9 times sales, which is quite pricey within the biotech space.

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Lucid Group Inc (LCID)

Lucid shares are down more than 80% since the November 2021 ATH, and there’s little to indicate that the stock will rebound. Amid Increasing competition in the EV space, the company could struggle to recover from headwinds like overvaluation, supply chain concerns, and inflation. The company produced only 7,180 vehicles in 2022 and delivered only 4,369 of them. Lucid continues to be unprofitable, and analysts are expecting that to continue into the current quarter as well.

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Opendoor Technologies (OPEN)

Opendoor Technologies (OPEN) aims to revolutionize the home-buying process with its automated solution for a smoother, quicker, and more convenient buying experience. Investors piled into OPEN during its market debut in 2020. However, OPEN stock has lost nearly 80% of its value over the past year, with expectations building that more pain could be on the horizon due to the widespread decline in the real estate market. Redfin anticipates that there will be a 16% year-over-year decline in the number of existing home sales in 2023, making OPEN an ideal stock to sell.    

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