Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the industrials 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, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Li-Cycle Holdings Corp. (NYSE: LICY)
- Li-Cycle announced that it has engaged Moelis in evaluating financing and strategic alternatives. "In conjunction with the pause in the Rochester Hub project announced in late October, we have initiated a comprehensive review. We have performed an initial analysis of options for completion of the Rochester Hub, and we are taking steps to conserve cash," said Ajay Kochhar, president and CEO of Li-Cycle. The company’s stock has a 52-week low of $0.50 .
- RSI Value: 26.60
- LICY Price Action: Shares of Li-Cycle fell 2.9% to close at $0.6269 on Friday.
- FREYR Battery posted a narrower-than-expected quarterly loss. "FREYR is navigating a highly volatile environment in which time and optionality are valuable," remarked Birger Steen, FREYR’s Chief Executive Officer. "Against this fluid industry, policy, and financing backdrop, we will prioritize financial strength, make dispassionate business decisions based on the evolving market dynamics, and allocate resources towards key priorities to maximize the value of our real options for our shareholders, customers, partners, and employees." It has a 52-week low of $1.40.
- RSI Value: 22.18
- FREY Price Action: Shares of FREYR Battery fell 3.6% to close at $1.60 on Friday.
- FiscalNote reported worse-than-expected third-quarter revenue results. "Our primary objective for this year was to reach Adjusted EBITDA profitability and we are delighted to reach this inflection point in the third quarter, one quarter earlier than initially forecast. This is a testament to the durability of our revenue streams and the hard work of our teams. We are delivering on our commitment to build an enduring, profitable, sustainable compounding growth company for the world’s most important decision makers," said Tim Hwang, Chairman, CEO, and Co-founder of FiscalNote. The company’s stock has a 52-week low of $0.65.
- RSI Value: 27.65
- NOTE Price Action: Shares of FiscalNote gained 2.2% to close at $0.8001 on Friday.
Read More: Agilent Likely To Report Lower Q4 Earnings; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts
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