Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The most oversold stocks in the communication services 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.
Eventbrite, Inc. (NYSE: EB)
- On Feb. 27, Eventbrite reported mixed fourth-quarter financial results. "We delivered record fourth quarter revenue and strong double-digit revenue growth for 2023, built on our marketplace strategy," said Julia Hartz, Co-Founder and Chief Executive Officer. The company’s stock fell around 32% over the past five days and has a 52-week low of $5.46 .
- RSI Value: 27.35
- EB Price Action: Shares of Eventbrite gained 1.6% to close at $5.69 on Friday.
- On Feb. 15, Roku reported fourth-quarter revenue of $984.42 million, which was up 14% year-over-year. "We are pleased with our net adds despite overall TV unit sales in the U.S. being down YoY in Q4," the company said. The company’s stock fell around 28% over the past month. It has a 52-week low of $51.62.
- RSI Value: 28.54
- ROKU Price Action: Shares of Roku gained 0.3% to close at $63.35 on Friday.
- On Feb. 20, Manchester United plc and Trawlers Ltd announced the successful completion of Sir Jim Ratcliffe's minority investment. The company’s stock fell around 26% over the past monthand has a 52-week low of $14.80.
- RSI Value: 26.05
- MANU Price Action: Shares of Manchester United fell 2.4% to close at $14.83 on Friday.
Read More: Jim Cramer Says This Is A 'Smart Consulting Company,' Calls Commercial Metals Company A Winner
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.