Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Feb. 5, 2024, five stocks in the industrials 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.
flyExclusive, Inc. (NYSE: FLYX)
- On Jan. 23, BTIG analyst Marvin Fong initiated coverage on flyExclusive with a Buy rating and announced a price target of $9. The company’s stock has a 52-week high of $9.66 .
- RSI Value: 82.03
- FLYX Price Action: Shares of flyExclusive gained 29.3% to close at $9.01 on Friday.
- On Feb. 2, Saia reported better-than-expected fourth-quarter financial results. Saia President and CEO, Fritz Holzgrefe, said, “I am pleased to bring 2023 to a close by reporting that our fourth quarter operating ratio improved by 90 basis points year-over-year to 85.0%. Our market share gains have been meaningful since last summer's industry disruption, and it has been very satisfying for our organization to step up and provide excellent service to both new and existing customers. To this end, we have onboarded nearly 1,500 new associates since the end of the second quarter and closed the year with just under 14,000 employees company-wide.” The company’s stock gained around 19% over the past five days and has a 52-week high of $535.57.
- RSI Value: 84.70
- SAIA Price Action: Shares of Saia jumped 14.4% to close at $534.51 on Friday.
- The company’s stock gained around 50% over the past five days and has a 52-week high of $12.00.
- RSI Value: 87.06
- CAPT Price Action: Shares of Captivision gained 10.6% to close at $7.49 on Friday.
- On Jan. 12, Oppenheimer analyst Scott Schneeberger maintained XPO with an Outperform and raised the price target from $90 to $100. The company’s stock jumped around 10% over the past five days and has a 52-week high is $96.96.
- RSI Value: 76.13
- XPO Price Action: Shares of XPO gained 8.5% to close at $95.34 on Friday.
- On Jan. 18, J.B. Hunt Transport disclosed fourth quarter FY23 results and a dividend hike. Revenue fell 9% Y/Y to $3.30 billion, beating the consensus of $3.28 billion. The company’s stock jumped around 19% over the past month and has a 52-week high of $209.56.
- RSI Value: 70.26
- JBHT Price Action: Shares of J.B. Hunt Transport gained 3.3% to close at $208.49 on Friday.
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