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If you're looking for contrarian plays, the following list might be a good starting point for your own analysis.

Here is a list of stocks that are approaching new lows, i.e. trading 0%-10% above the 52-week low. Judging by their quarterly earnings results relative to analyst estimates over the last year, it's clear that these stocks are being underestimated by analysts.

In other words, these companies have a track record of beating analyst estimates. A full breakdown of earnings relative to analyst estimates can be accessed here.

Considering their track records of outperforming expectations, how long will these companies stay at these depressed levels? Full details below.

Earnings data sourced from AOL Money, short float data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the average earnings surprise over the last year.

1. Fuel Systems Solutions, Inc. (NASDAQ:FSYS): Auto Parts Industry. Market cap of $489.84M. The stock is currently 1.22% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 50.43%.

The stock is a short squeeze candidate, with a short float at 24.03% (equivalent to 10.43 days of average volume). The stock is also stuck in a downtrend, trading 11.49% below its SMA20, 13.72% below its SMA50, and 22.15% below its SMA200.

2. AOL, Inc. (NYSE:AOL): Internet Information Providers Industry. Market cap of $2.15B. The stock is currently 2.7% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 41.67%.

The stock is currently stuck in a downtrend, trading 5.59% below its SMA20, 12.28% below its SMA50, and 12.87% below its SMA200 (performed poorly over the last month, losing 14.29%)

3. DreamWorks Animation SKG Inc. (NASDAQ:DWA): Movie Production, Theaters Industry. Market cap of $2.31B. The stock is currently 2.97% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 26.64%.

The stock is a short squeeze candidate, with a short float at 6.73% (equivalent to 6.58 days of average volume).

4. Dolby Laboratories Inc. (NYSE:DLB): Diversified Electronics Industry. Market cap of $5.59B. The stock is currently 3.56% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 17.91%.

5. Medifast Inc. (NYSE:MED): Specialty Retail Industry. Market cap of $332.92M. The stock is currently 6.58% above its 52-week low. (Note: It's been a rough couple of days for the stock, losing 13.08% over the last week.) Over the last year, the company has beaten analyst earnings estimates by an average of 14.38%.

The stock is a short squeeze candidate, with a short float at 25.04% (equivalent to 9.33 days of average volume). The stock is also stuck in a downtrend, trading 6.98% below its SMA20, 12.61% below its SMA50, and 15.91% below its SMA200.

6. Cephalon Inc. (NASDAQ:CEPH): Biotechnology Industry. Market cap of $4.34B. The stock is currently 4.89% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 13.34%.

7. Monolithic Power Systems Inc. (NASDAQ:MPWR): Semiconductor Industry. Market cap of $539.03M. The stock is currently 6.32% above its 52-week low. The stock has lost 28.11% over the last year. Over the last year, the company has beaten analyst earnings estimates by an average of 11.99%.

8. ResMed Inc. (NYSE:RMD): Medical Appliances & Equipment Industry. Market cap of $4.85B. The stock is currently 9.64% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 10.86%.

The stock is a short squeeze candidate, with a short float at 9.68% (equivalent to 12.33 days of average volume). The stock has lost 46.57% over the last year.

9. Cisco Systems, Inc. (NASDAQ:CSCO): Networking & Communication Devices Industry. Market cap of $102.27B. The stock is currently 1.65% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 7.6%.

The stock has performed poorly over the last month, losing 12.53% (stuck in a downtrend, trading 5.57% below its SMA20, 8.59% below its SMA50, and 14.37% below its SMA200).

10. Entergy Corporation (NYSE:ETR): Electric Utilities Industry. Market cap of $12.87B. The stock is currently 6.92% above its 52-week low. Over the last year, the company has beaten analyst earnings estimates by an average of 5.71%.

Relatively low correlation to the market (beta = 0.62), which may be appealing to risk averse investors. Also offers a good dividend, and appears to have good liquidity to back it up -- dividend yield at 4.67%, current ratio at 1.79, and quick ratio at 1.38. The stock has lost 4.48% over the last year.

Source: Contrarian Ideas: The Most Underestimated Companies Trading Near 52-Week Lows