Seeking out great stocks to buy is important, but identifying quality investments is only half the battle. Many would say it’s just as essential for investors to know which stocks to steer clear of. A losing stock can eat away at your precious long-term returns. So, figuring out which stocks to trim or get rid of 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.
Bed Bath & Beyond (BBBY)
The home goods retailer is staving off bankruptcy by raising capital from selling its preferred stock and warrants. But, unfortunately, this action may prolong its inevitable bankruptcy.
In early 2021 BBBY’s share price rose to more than $35. Two years later, it’s below $1 per share and is one of the most heavily shorted stocks in the market. The company is struggling to keep up against retail heavy-hitters like Walmart and Target, and it will only worsen with Bed Bath continuing to close retail locations.
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Ascent Solar Technologies (ASTI)
The photovoltaic specialist carries significant implications for the solar energy industry. With society gravitating toward clean and renewable energy solutions, ASTI should be enjoying extraordinary relevance. Unfortunately, its narrative hasn’t been so fortunate. Year to date, ASTI share price is down 72%. In the trailing year, it’s down almost 96%. Glaringly, its three-year revenue growth rate sits at 90.3% below parity. Profit margins have slipped to ridiculously negative rates while the balance sheet is a mess. Gurufocus.com warns that Ascent solar is a possible value trap.
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Big Lots (BIG)
Shares in the big box retailer may be down by nearly 71% over the past 12 months. Some investors are still being tempted by its 10.82% dividend yield. However, with the company reporting a net loss of $7.30 per share and expected to stay in the red through 2024, it’s highly questionable whether BIG’s high rate of payout will continue for long.
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and then