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Top 5 Tech And Telecom Stocks That You May Want To Dump In Q1 2023

Published 21/02/2023, 13:25
© Reuters.  Top 5 Tech And Telecom Stocks That You May Want To Dump In Q1 2023
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Benzinga - The most overbought stocks in the communication services 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.

AMC Networks Inc (NASDAQ: AMCX)

  • AMC Networks reported better-than-expected Q4 EPS and sales results. AMC Networks Interim Executive Chairman James L. Dolan said: "AMC Networks is focused on maximizing the value of our high-quality, popular content through optimized content monetization as we reduce costs and drive cash flow. We believe this approach will position the company well to navigate current industry dynamics and enable us to generate long-term shareholder value." The company’s stock has a 52-week high of $44.05 .
  • RSI Value: 85.07
  • AMCX Price Action: Shares of AMC Networks jumped 32.3% to close at $27.13 on Friday.
Iridium Communications Inc. (NASDAQ: IRDM)
  • Iridium Communications reported fourth-quarter FY22 revenue growth of 24% year-on-year to $193.84 million, beating the consensus of $174.3 million. "2022 was another strong year for Iridium, driven by continued strong subscriber growth and revenue gains across all business lines," said Matt Desch, CEO, Iridium. The company’s stock has a 52-week high of $65.11.
  • RSI Value: 73.11
  • IRDM Price Action: Shares of Iridium Communications gained 9.6% to close at $64.99 on Friday.
The New York Times Company (NYSE: NYT)
  • New York Times reported fourth-quarter FY22 sales growth of 12.3% year-on-year, to $667.54 million, beating the consensus of $646.44 million. The company has a 52-week high of $47.67.
  • RSI Value: 75.30
  • NYT Price Action: Shares of New York Times Company gained 1.9% to close at $40.40 on Friday and added 0.9% in after-hours trading.
Scienjoy Holding Corporation (NASDAQ: SJ)
  • Scienjoy Holding, during December, reported interim nine months ended Sept. 30, 2022 sales of $199.5 million. The company’s 52-week high is $6.12.
  • RSI Value: 75.24
  • SJ Price Action: Shares of Scienjoy Holding gained 3.9% to close at $3.45 on Friday and lost 0.6% in after-hours trading.
Criteo S.A. (NASDAQ: CRTO)
  • Criteo posted downbeat quarterly earnings. "In 2022, we made great strides in the transformation of Criteo and the acceleration of our strategy. As a clear leader in Commerce and Retail Media, we are uniquely positioned to capitalize on the largest market opportunity in digital advertising," said Megan Clarken, Chief Executive Officer of Criteo. The company has a 52-week high of $36.76.
  • RSI Value: 70.22
  • CRTO Price Action: Shares of Criteo gained 0.3% to settle at $35.07 on Friday.
Read More: UPS, Delta Air Lines And 2 Other Stocks Insiders Are Selling

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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