Benzinga - The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued 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 oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
AppLovin Corporation (NASDAQ: APP)
- BTIG recently downgraded AppLovin from Buy to Neutral. The company, last month,
- reported worse-than-expected Q3 results and issued weak Q4 guidance. The company’s stock has a 52-week low of $9.59.
- RSI Value: 26.09
- APP Price Action: Shares of AppLovin rose 0.6% to settle at $9.82 on Friday, and gained 0.1% in the after-hours trading session.
PagSeguro Digital Ltd. (NYSE: PAGS)
- Morgan Stanley (NYSE:MS) recently downgraded PagSeguro Digital from Overweight to Equal-Weight and lowered the price target from $30 to $15. PagSeguro Digital, last month, posted Q3 sales of R$4.04 billion. The company’s stock has a 52-week low of $7.57.
- RSI Value: 28.90
- PAGS Price Action: Shares of PagSeguro Digital fell 2.5% to close at $7.70 on Friday.
- Stratasys, last month, reported third-quarter FY22 revenue growth of 2% year-over-year to $162.2 million, missing the consensus of $163.6 million. The company’s stock has a 52-week low of $11.48.
- RSI Value: 29.45
- SSYS Price Action: Shares of Stratasys gained 3.4% to close at $12.03 on Friday, and gained 2.5% in the after-hours trading session.
Marathon Digital Holdings, Inc. (NASDAQ: MARA)
- Marathon Digital, last month, reported weaker-than-expected Q3 results. The company’s 52-week low is $3.75.
- RSI Value: 29.65
- MARA Price Action: Shares of Marathon Digital dropped 10.6% to close at $3.88 on Friday and fell 3.4% in after-hours trading.
Pagaya Technologies Ltd. (NASDAQ: PGY)
- Canaccord Genuity recently initiated coverage on Pagaya Technologies with a Hold rating and announced a price target of $1.5. Pagaya Technologies, last month, reported better-than-expected Q3 results. The company has a 52-week low of $0.57.
- RSI Value: 28.39
- PGY Price Action: Shares of Pagaya Technologies dropped 7.5% to settle at $0.62 on Friday, and added 1.3% in the after-hours trading session.