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Top 3 Risk Off Stocks That May Explode This Month

Published 10/04/2024, 13:12
Updated 10/04/2024, 14:40
© Reuters.  Top 3 Risk Off Stocks That May Explode This Month

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

The most oversold stocks in the consumer staples 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.

Noodles & Company (NASDAQ: NDLS)

  • On March 7, Noodles posted weaker-than-expected fourth-quarter results. Drew Madsen, Chief Executive Officer of Noodles & Company, said, “Despite our recent challenges, we believe Noodles is a differentiated brand with an opportunity to be a robust business going forward. We are focused on five strategic priorities to capture this opportunity.” The company’s stock fell around 30% over the past month and has a 52-week low of $1.5150 .
  • RSI Value: 27.33
  • NDLS Price Action: Shares of Noodles & Company closed at $1.55 on Tuesday.
The Children's Place, Inc. (NASDAQ: PLCE)
  • On March 11, The Children's Place announced receipt of the $48.6 million second tranche of the previously announced interest-free unsecured financing provided by Mithaq Capital. The company’s stock fell around 48% over the past month. It has a 52-week low of $8.12.
  • RSI Value: 27.08
  • PLCE Price Action: Shares of Children's Place fell 0.1% to close at $8.46 on Tuesday.
Under Armour, Inc. (NYSE: UAA)
  • On March 14, Evercore ISI Group analyst Michael Binetti downgraded Under Armour from In-Line to Underperform and lowered the price target from $8 to $7. The company’s stock fell around 18% over the past month and has a 52-week low of $6.29.
  • RSI Value: 29.57
  • UAA Price Action: Shares of Under Armour gained 0.4% to close at $6.83 on Tuesday.

Read More: Investor Optimism Decreases Slightly; Inflation Data In Focus

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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