The most oversold stocks in the information technology sector offer an opportunity to get into undervalued companies.
The RSI is a momentum indicator that compares the strength of a stock on days when prices are rising with its strength on days when prices are falling. In comparison
o a stock’s price action can give traders a better sense of how a stock might perform in the short term. According to Benzinga Pro, an asset is typically considered oversold when the RSI is below 30.
Here is the latest list of major oversold players in this sector with an RSI near or below 30.
Indie Semiconductor Inc. INDIA
- On August 8, Indie Semiconductor reported worse-than-expected second-quarter financial results. “Indie continues to demonstrate resilience in the face of challenging conditions in the automotive market,” said Donald McClymont, Indie’s co-founder and CEO. The company’s stock has fallen about 37% in the past month and is at a 52-week low of $3.79.
- RSI value: 28.53
- INDI price promotion: Shares of indie company Semiconductor fell 5.6% on Wednesday to close at $3.89.
- Benzinga Pro’s real-time news feed provides the latest INDI news.
Ouster Inc PUSH AWAY
- On August 13, Ouster reported worse-than-expected second-quarter revenue results and issued third-quarter revenue guidance that was below estimates. “Our second-quarter results reflect a solid performance with GAAP gross margin increasing to 34%. Consistent with Ouster’s strategy to expand into software solutions, we had one of our best quarters for software-related sales, driven by Ouster Gemini and Blue City. In addition to continuously improving our operating results, we have built one of the most stable balance sheets and diversified business models in the industry,” said Ouster CEO Angus Pacala. The company’s stock fell about 46% in the past month. It has a 52-week low of $3.67.
- RSI value: 25.49
- OUST price promotion: Ouster shares fell 3.3% to close at $7.24 on Wednesday.
- Benzinga Pro’s charting tool helped identify the trend of OUST stock.
Super Micro Computer Inc SMCI
- On August 27, Hindenburg Research published a brief report on the stock. The company’s shares fell about 36% over the past month, reaching a 52-week low of $226.59.
- RSI value: 25.38
- SMCI price promotion: Super Micro Computer shares fell 19% to close at $443.49 on Wednesday.
- Benzinga Pro’s signals feature notifies of a possible breakout in SMCI shares.
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