Zurn Elkay Water (ZWS) Plunges 3.94% to 2024 Low

Zurn Elkay Water (ZWS) shares plummeted 3.94% today, marking the lowest level since January 2024, with an intraday decline of 5.02%.

Zurn Elkay Water Solutions Co. has been under significant selling pressure, leading to a notable decline in its stock price over the past few weeks. The heavy selling has pushed the stock into oversold territory, with a Relative Strength Index (RSI) reading of 26. This suggests that the selling pressure may be nearing exhaustion, potentially setting the stage for a price rebound.

Despite the recent downturn, there is a growing consensus among analysts regarding Zurn Elkay Water's ability to deliver better-than-expected earnings. This optimism is reflected in the upward revisions of earnings estimates for the current year, which bodes well for the stock's future performance.

Adding to the positive outlook, Zurn Water has been upgraded to a Zacks Rank #2 (Buy). This upgrade is a result of an upward trend in earnings estimate revisions, which historically has led to price appreciation in the near term. The combination of these factors indicates that the stock may be on the verge of a turnaround, despite the recent decline.