Benzinga - by Lisa Levin, Benzinga Editor. The most overbought stocks in the consumer staples sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.
Here’s the latest list of major overbought players in this sector.
Jupiter Wellness, Inc. (NASDAQ: JUPW)
- Jupiter Wellness reported efficacy results from clinical study for its NoStingz Topical Jellyfish protection sunscreen. The company’s stock has a 52-week high of $1.64. .
- RSI Value: 70.25
- JUPW Price Action: Shares of Jupiter Wellness fell 13.6% to close at $1.02 on Wednesday.
- Celsius reported better-than-expected second-quarter financial results. The company’s stock has a 52-week high of $183.68.
- RSI Value: 75.65
- CELH Price Action: Shares of Celsius Holdings fell 2% to close at $179.15 on Wednesday.
- Freshpet reported better-than-expected second-quarter EPS results. "The Freshpet business has real momentum. In the second quarter, we delivered strong volume and net sales growth, and significant improvements in our operating performance – particularly in quality and logistics – which is the basis for increasing our 2023 adjusted EBITDA guidance today," commented Billy Cyr, Freshpet’s Chief Executive Officer. The company has a 52-week high of $84.70.
- RSI Value: 70.67
- FRPT Price Action: Shares of Freshpet rose 0.5% to close at $80.74 on Wednesday.
- Oil-Dri Corp of America posted a rise in third-quarter sales. Daniel S. Jaffee, President and Chief Executive Officer, stated, “We achieved outstanding third quarter results with record sales, gross profit and net income. Our team has been committed to driving profitability across all principal product lines, and I am extremely pleased with the success.” The company’s 52-week high is $69.09.
- RSI Value: 71.51
- ODC Price Action: Shares of Oil-Dri Corporation of America rose 1.5% to close at $68.44 on Wednesday.
- Thorne HealthTech posted upbeat quarterly results. The company has a 52-week high of $7.90.
- RSI Value: 73.80
- THRN Price Action: Shares of Thorne HealthTech rose 1.8% to settle at $7.45 on Tuesday.
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