Benzinga - The most overbought stocks in the consumer staples sector presents an opportunity to go short on these overvalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.
Here’s the latest list of major overbought players in this sector.
Lamb Weston Holdings, Inc. (NYSE: LW)
- Lamb Weston Holdings Senior Vice President Jared Michael Smith sold a total of 11,934 shares at an average price of $98.90. The company’s stock has a 52-week high of $100.22 .
- RSI Value: 76.23
- LW Price Action: Shares of Lamb Weston fell 1% to settle at $98.66 on Monday and lost 0.7% in today’s pre-market trading.
- Inter Parfums company raised its FY22 and FY23 EPS and sales guidance above analyst estimates.. The company’s stock has a 52-week high of $111.69.
- RSI Value: 75.81
- IPAR Price Action: Shares of Inter Parfums fell 0.1% to close at $110.57 on Monday.
- Wells Fargo (NYSE:WFC) recently initiated coverage on Kraft Heinz with an Equal-Weight rating and announced a price target of $43.. The company has a 52-week high of $44.87.
- RSI Value: 73.64
- KHC Price Action: Shares of Kraft Heinz fell 0.9% to close at $42.20 on Monday and lost 0.2% in today’s pre-market trading.
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Coty Inc. - Piper Sandler recently upgraded Coty from Neutral to Overweight and raised the price target from $8 to $10. The company’s 52-week high is $10.02.
- RSI Value: 72.20
- COTY Price Action: Shares of Coty gained 2% to close at $9.38 on Monday.
US Foods Holding Corp. (NYSE: USFD)
- Barclays (LON:BARC) upgraded US Foods from Equal-Weight to Overweight and raised the price target from $34 to $43. The company has a 52-week high of $39.73.
- RSI Value: 70.88
- USFD Price Action: Shares of US Foods Holding fell 0.4% to settle at $37.38 on Monday and lost 0.9% in after-hours trading.
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