The Industrial Stocks Set to Soar: A Closer Look at Potential High Flyers

Written By Michael Gary Scott

Opportunity in Overlooked Gems

In the world of stocks, sometimes the most promising opportunities arise from the most overlooked companies. The industrials sector is currently presenting investors with a chance to dive into undervalued stocks that show potential for strong growth. One indicator catching the eye of traders is the Relative Strength Index (RSI), a tool that compares a stock’s strength on positive versus negative trading days. A low RSI, typically below 30, is a sign that a stock may be oversold and poised for a rebound.

A Glimpse of Opportunity

Let’s take a closer look at three industrials stocks that have recently experienced significant drops and are now potentially poised for a reversal.

Hyzon Motors Inc (HYZN)

  • Recent Developments: Hyzon Motors recently reported disappointing second-quarter financial results. CEO Parker Meeks highlighted the company’s strategic shift towards focusing on the North American Class 8 and refuse markets, positioning them for immediate opportunities. The stock took a beating, falling approximately 47% in the past five days and hitting a 52-week low of $0.050.
  • RSI Value: 25.52
  • Price Action: Hyzon Motors’ shares closed at $0.054 on Friday after a 27.8% dip.

Velo3D Inc (VLD)

  • Recent Developments: Velo3D saw a year-over-year growth in second-quarter adjusted EPS results. CEO Brad Kreger emphasized the company’s progress on strategic goals, reflected in increased bookings and a streamlined cost structure. Despite these positive indicators, the stock plummeted around 46% over the past five days, establishing a 52-week low of $1.23.
  • RSI Value: 23.62
  • Price Action: Velo3D’s shares closed at $1.23 on Friday, down by 5.4%.

Array Technologies Inc (ARRY)

  • Recent Developments: Array Technologies reported better-than-expected quarterly earnings, exceeding analyst estimates for earnings per share but revising down its full-year outlook for both earnings and sales. The market response was harsh, with a 38% drop in the stock price over the last month and a 52-week low of $6.43.
  • RSI Value: 23.63
  • Price Action: Array Technologies’ shares closed at $6.55 on Friday, showing a modest 0.8% increase.
See also  Wall Street Analysts Bullish on Netflix (NFLX) Wall Street Analysts Bullish on Netflix (NFLX)

Despite recent challenges, these companies may represent hidden gems waiting to rebound. Investors are keeping a close eye on these oversold stocks for potential opportunities.