Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the communication services 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.
Starbox Group Holdings Ltd. (NASDAQ: STBX)
- Starbox Group posted an increase in H1 sales. Mr. Lee Choon Wooi, Chairman and Chief Executive Officer of Starbox, commented, “We are excited about the results we have accomplished for the first half of fiscal year 2023, where wesaw robust growth across almost every key financial metric. Our revenue and net income grew for the first half of fiscal year 2023, demonstrating the fruitionof our earlier investments in technology and successful execution of our strategic initiatives namely new technology driven services revenue via licensing and/ or sale of our technologies.” The company’s stock has a 52-week low of $1.16 .
- RSI Value: 22.91
- STBX Price Action: Shares of Starbox Group fell 11.9% to close at $1.18 on Wednesday.
- On Aug. 21, 2023, Cuentas entered into an employment agreement with Arik Maimon, who agreed to serve as Executive Chairman and CEO, and Michael De Prado, who agreed to serve as Executive Vice Chairman and President. It has a 52-week low of $1.57.
- RSI Value: 29.10
- CUEN Price Action: Shares of Cuentas fell 10.6% to close at $1.61 on Wednesday.
- AMC Entertainment completed at-the-market equity offering of 40 million shares, raising $325 million. The company’s stock has a 52-week low of $7.05.
- RSI Value: 27.05
- AMC Price Action: Shares of AMC Entertainment jumped 8.8% to close at $8.24 on Wednesday.
- IHS reported mixed second-quarter financial results and lowered FY23 guidance. Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, “We remain well positioned to take advantage of the strong secular growth trends across our markets, which we expect to continue for years to come.” The company’s 52-week low is $4.5650.
- RSI Value: 23.88
- IHS Price Action: Shares of IHS fell 4.7% to close at $4.82 on Wednesday.
- Treasure Global signed Letter of intent to form an e-commerce venture in Indonesia, PT Harmoni Bagi Dunia with industry pioneers Ariadi Anaya and Budihardjo Iduansjah. The company has a 52-week low of $0.2810.
- RSI Value: 26.00
- TGL Price Action: Shares of Treasure Global fell 0.3% to close at $0.2930 on Wednesday.
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