Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the real estate 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.
Altisource Asset Management Corporation (NYSE: AAMC)
- Altisource Asset Management announced departure of CEO Jason Kopcak. "We remain committed to the mortgage space," said Chairman of the Board Ricardo Byrd. "As the Board considers potential replacements, we have appointed Danya Sawyer, Chief Operating Officer of Alternative Lending Group, the Company's principal operating subsidiary, to serve as Interim CEO of AAMC." The company’s stock has a 52-week low of $6.27 .
- RSI Value: 25.72
- AAMC Price Action: Shares of Altisource Asset Management gained 12.5% to close at $7.10 on Monday.
- NexPoint Diversified Real Estate Trust, during July, said its board of trustees declared a quarterly distribution of $0.15 per common share of NXDT, consisting of a combination of cash and common shares of NXDT. It href="https://www.benzinga.com/quote/NXDT"> has a 52-week low of $9.01.
- RSI Value: 24.80
- NXDT Price Action: Shares of NexPoint Diversified Real Estate Trust rose 0.7% to close at $9.24 on Monday.
- Alexander & Baldwin posted downbeat second-quarter earnings. Lance Parker, president and chief executive officer, stated: "In the second quarter, the strength of our commercial real estate portfolio continued to produce exceptional results. CRE revenue increased 7.6% over the same quarter in 2022, and CRE Same-Store NOI increased by 4.6%. Total leased occupancy was strong at 94.4%, and we continue to see robust leasing demand for our high-quality retail and industrial properties, with blended leasing spreads for the quarter at 5.8%." The company’s stock has a 52-week low of $15.80.
- RSI Value: 29.55
- ALEX Price Action: Shares of Alexander & Baldwin fell 0.2% to close at $16.99 on Monday.
- Essex Property Trust posted better-than-expected quarterly sales. The company’s 52-week low is $195.03.
- RSI Value: 27.22
- ESS Price Action: Shares of Essex Property Trust fell 0.5% to close at $224.07 on Monday.
- MAA reported planned retirement of CFO Albert Campbell, effective March 31, 2024 and internal promotion of Clay Holder. The company has a 52-week low of $136.29.
- RSI Value: 24.85
- MAA Price Action: Shares of Mid-America Apartment Communities fell 0.9% to close at $136.70 on Monday.
Read More: Wall Street's Most Accurate Analysts Say Buy These 3 Energy Stocks With Over 5% Dividend Yields
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.