Benzinga - by Avi Kapoor, Benzinga Staff Writer.
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.
AAR Corp. (NYSE: AIR)
- On March 21, AAR reported mixed third-quarter financial results. "During the quarter, we drove 18% sales growth in our commercial business capitalizing on the continued strong demand for both our parts supply activities and MRO services. We expect commercial demand to remain elevated as the life and high utilization of current generation aircraft continue to extend," said John M. Holmes, Chairman, President and Chief Executive Officer of AAR CORP. The company’s stock fell around 12% over the past month and has a 52-week low of $50.06 .
- RSI Value: 29.97
- AIR Price Action: Shares of AAR fell 0.9% to close at $58.39 on Tuesday.
- On April 1, Barclays analyst Brandon Oglenski maintained Heartland Express with an Underweight and lowered the price target from $12 to $11. The company’s stock fell around 10% over the past month. It has a 52-week low of $10.83.
- RSI Value: 29.17
- HTLD Price Action: Shares of Heartland Express dipped 2.1% to close at $11.06 on Tuesday.
- On Feb. 26, Asure Software posted upbeat quarterly earnings. “We are excited to have delivered another strong performance from our Company for the full year 2023. Total revenue for the year was up 24% versus the prior year, excluding ERTC revenues were up 19%. Our recurring revenues increased 16% for the year versus the prior year, excluding ERTC recurring revenues were up 19%. Organic revenue growth in 2023 excluding ERTC was up 18% and we also saw strong gains in gross margins versus the same period a year ago which are the primary result of increased revenues and more efficient operations driven by the consolidation and standardization efforts across the Company,” said Asure Chairman and CEO Pat Goepel. The company’s stock fell around 21% over the past month and has a 52-week low of $6.30.
- RSI Value: 27.62
- ASUR Price Action: Shares of Asure Software fell 1.7% to close at $7.41 on Tuesday.
- On Feb. 28, Forward Air posted weaker-than-expected quarterly results. The company’s shares lost around 7% over the past five days. The company’s 52-week low is $26.35.
- RSI Value: 28.80
- FWRD Price Action: Shares of Forward Air fell 5.2% to close at $27.42 on Tuesday.
- On April 2, Greenland Technologies announced a further expansion of Greenland's fast growing HEVI Authorized Service Provider national network program to North Carolina, with the addition of Truck and Auto Repair. The company’s shares fell around 21% over the past five days. The company has a 52-week low of $1.13.
- RSI Value: 25.72
- GTEC Price Action: Shares of Greenland Technologies fell 6.5% to close at $1.88 on Tuesday.
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