Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Dec. 19, 2023, five stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
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 overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
AssetMark Financial Holdings, Inc. (NYSE: AMK)
- On Nov. 6, AssetMark Financial posted better-than-expected quarterly results. “The third quarter was another record quarter for AssetMark, highlighted by all-time highs across many financial and operating metrics. We realized our sixth straight quarter of record adjusted EBITDA, while also expanding margins 90 bps year-over-year to a record 34.9%. Simply put, the results for the third quarter were excellent, and we feel we are well on track for the best year in our company’s history,” said AssetMark CEO Michael Kim. The company’s stock jumped around 12% over the past month and has a 52-week high of $33.00 .
- RSI Value: 79.39
- AMK Price Action: Shares of AssetMark Financial gained 6.9% to close at $28.28 on Monday.
- On Nov. 30, ACRES Commercial Realty reauthorized an additional $10 million share repurchase program. The company’s stock gained around 25% over the past month and has a 52-week high of $10.17.
- RSI Value: 87.65
- ACR Price Action: Shares of ACRES Commercial Realty gained 8.2% to close at $9.67 on Monday.
- The company’s stock jumped around 23% over the past month and has a 52-week high of $13.19.
- RSI Value: 80.42
- PAGS Price Action: Shares of PagSeguro Digital gained 3.1% to close at $11.45 on Monday.
- On Oct. 30, SoFi Technologies reported better than expected quarterly financial results and raised 2023 guidance. The company’s stock gained around 20% over the past five days and has a 52-week high is $11.70.
- RSI Value: 77.71
- SOFI Price Action: Shares of SoFi Technologies gained 3.3% to close at $9.66 on Monday.
- On Dec. 18, RYVYL announced it regained compliance with Nasdaq listing requirements. The company’s stock jumped around 21% over the past five days and has a 52-week high of $17.50.
- RSI Value: 71.08
- RVYL Price Action: Shares of Ryvyl gained 19.9% to close at $3.68 on Monday.
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