Benzinga - 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.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
INNOVATE Corp. (NYSE: VATE)
- Innovate reported a year-over-year decrease in first-quarter sales results. “There have been a number of positive developments across INNOVATE's three businesses in the first few months of 2023," said Avie Glazer, Chairman of INNOVATE. The company’s stock has a 52-week low of $0.64 .
- RSI Value: 23.32
- VATE Price Action: Shares of INNOVATE gained 3.1% to close at $1.32 on Friday.
- Golden Ocean Group reported a first-quarter 2023 revenue of $196.5 million exceeding the consensus of $115.00 million. Ulrik Andersen, Chief Executive Officer, said, "Following a period of seasonal weakness in the first quarter, freight rates have rebounded, and the outlook for the rest of the year is positive, driven by the gradual recovery of the Chinese economy." The company’s stock has a 52-week low of $7.24.
- RSI Value: 23.38
- GOGL Price Action: Shares of Golden Ocean Group Services fell 0.1% to close at $7.46 on Friday.
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DLH Holdings Corp. - DLH Holdings has been awarded a contract to continue and significantly expand its IT services for the National Institute on Aging. "We are honored for the opportunity to continue and expand our relationship with the National Institute on Aging," said Diane Yarnell, President of DLH's Civilian Health IT Business Unit. The company’s stock has a 52-week low of $9.01.
- RSI Value: 28.34
- DLHC Price Action: Shares of DLH Holdings fell 0.4% to close at $9.11 on Friday.
- Duocommun announced pricing of a $74.4 million public offering of 2 million shares of common stock at a price of $40 per share. The company’s 52-week low is $38.89.
- RSI Value: 24.22
- DCO Price Action: Shares of Ducommun fell 0.6% to close at $40.76 on Friday.
- Genco Shipping & Trading appointed Peter Allen as Chief Financial Officer, effective June 16, 2023. “His appointment reflects our success developing talent at the Company, which has produced a deep bench of skilled, dedicated employees that will support Peter in his new role,” said CEO John C. Wobensmith. The company has a 52-week low of $11.92.
- RSI Value: 25.76
- GNK Price Action: Shares of Genco Shipping & Trading fell 0.5% to close at $12.59 on Friday.
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