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Goes back to risk tolerance. I am leaving mine partly because I do think eventually they will go back up in value and am in no rush and partly because I am a masochist. But in all seriousness, it all depends on many factors. Some people sell, some keep and continue in ESPP, some keep but stop contributing to ESPP and put their money elsewhere. Different strategies - do what's best for you.
I'm holding on to it since I don't currently need the cash. I do wonder how many people have stopped ESPP.