Benzinga - The most oversold stocks in the materials 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.
ASP Isotopes Inc. (NASDAQ: ASPI)
- ASP Isotopes announced a $5 million private placement priced at-the-market under Nasdaq rules. The company’s stock has a 52-week low of $0.73 .
- RSI Value: 29.67
- ASPI Price Action: Shares of ASP Isotopes fell 4.1% to close at $0.8538 on Friday.
- IT Tech Packaging posted a Q4 loss of $1.19 per share. Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "In fiscal year 2022, our business execution was reflected as we generated approximately $100.35 million in revenue and approximately $4.75 million in gross profit." The company’s stock has a 52-week low of $0.36.
- RSI Value: 28.24
- ITP Price Action: Shares of IT Tech Packaging gained 1.2% to close at $0.3751 on Friday.
- Flotek Industries posted a Q4 loss of $0.25 per share. Harsha V. Agadi, Interim Chief Executive Officer of Flotek stated, "In the fourth quarter, we achieved another quarter of increased volumes, strong revenue growth, and improving operational performance while managing our liquidity to facilitate continued growth." The company’s stock has a 52-week low of $0.66.
- RSI Value: 22.56
- FTK Price Action: Shares of Flotek Industries fell 3.4% to close at $0.69 on Friday.
- Cryptyde issued a corporate update on its subsidiary, Forever 8 Fund, LLC. The company’s 52-week low is $0.0780.
- RSI Value: 22.67
- TYDE Price Action: Shares of Cryptyde fell 1.4% to close at $0.0832 on Friday.
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