The most oversold stocks in the information technology 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, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
AppFolio, Inc. (NASDAQ:APPF)
- On Oct. 26, AppFolio reported better-than-expected third-quarter financial results. “AppFolio’s third quarter profitable revenue growth reflects our commitment to delivering industry leading innovation, while being disciplined in our execution,” said Shane Trigg, President and CEO, AppFolio. The company’s stock fell around 14% over the past month and has a 52-week low of $102.85 .
- RSI Value: 26.54
- APPF Price Action: Shares of AppFolio fell 1.4% to close at $166.83 on Wednesday.
Manhattan Associates, Inc. (NASDAQ:MANH)
- On Oct. 24, Manhattan Associates posted better-than-expected third-quarter results. “We are pleased with our quarterly and year-to-date results. Solid demand for our industry leading cloud solutions and services drove record results on the top and bottom lines,” said Manhattan Associates president and CEO Eddie Capel. The company’s stock fell around 7% over the past five days. It has a 52-week low of $113.43.
- RSI Value: 29.21
- MANH Price Action: Shares of Manhattan Associates fell 1.1% to close at $204.44 on Wednesday.
Peraso Inc. (NASDAQ:PRSO)
- On Dec. 19, Peraso announced a 1-for-40 reverse stock split. The company’s stock fell around 17% over the past five days and has a 52-week low of $0.12.
- RSI Value: 27.79
- PRSO Price Action: Shares of Peraso fell 14.9% to close at $8.03 on Wednesday.
SMX (Security Matters) Public Limited Company (NASDAQ:SMX)
- On Nov. 28, the company announced the planned launch of world’s first plastic cycle token. The company’s shares lost around 35% over the past five days. The company’s 52-week low is $0.5581.
- RSI Value: 20.36
- SMX Price Action: Shares of SMX fell 4% to close at $0.5750 on Wednesday.
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