Broadwind Energy Inc. (BWEN) May Witness Further Correction

Broadwind Energy Inc. (NASDAQ: BWEN) plunged close to 19.5% to $4.59 after the maker of wind energy towers reported a Q4 loss that was worse than analysts’ expectations. Broadwind Energy Inc’s (BWEN) guidance which expected fears that sales in the current quarter will shrink further from the previous quarter led to a major decline in stock by early afternoon session on Friday.

Broadwind Energy Inc. (BWEN) breached below its 20 day MA in the session following a sharp fall it witnessed after the Q4 earnings it announced. Some more fresh profit booking is expected in Broadwind Energy Inc. in the days to follow, in light of heavy volumes witnessed in stock by Friday afternoon.