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.
Qorvo Inc QRVO
- On Oct. 29, Qorvo reported quarterly earnings of $1.88 per share, which beat the analyst consensus estimate of $1.85. Quarterly revenue came in at $1.047 billion, which beat the consensus estimate of $1.028 billion and is a decrease from sales of $1.104 billion from the same period last year. The company’s stock fell around 27% over the past month and has a 52-week low of $70.38.
- RSI Value: 19.69
- QRVO Price Action: Shares of Qorvo gained 1.5% to close at $72.86 on Wednesday.
- Benzinga Pro’s real-time newsfeed alerted to latest QRVO news.
ASML Holding NV ASML
- ASML Holding CEO Christophe Fouquet anticipates growing pressure from the United States to tighten restrictions on semiconductor technology sales to China. The company’s stock fell around 19% over the past month and has a 52-week low of $633.80.
- RSI Value: 29.43
- ASML Price Action: Shares of ASML fell 2.2% to close at $661.43 on Wednesday.
- Benzinga Pro’s charting tool helped identify the trend in ASML stock.
Super Micro Computer Inc SMCI
- On Nov. 5, Super Micro Computer provided a business update for the first quarter and reported preliminary results. Super Micro expects to report first-quarter revenue of $5.9 billion to $6 billion, down from its previous guidance range of $6 billion to $7 billion. The company’s stock fell around 52% over the past month and has a 52-week low of $20.20.
- RSI Value: 19.79
- SMCI Price Action: Shares of Super Micro Computer fell 18.1% to close at $22.70 on Wednesday.
- Benzinga Pro’s signals feature notified of a potential breakout in SMCI shares.
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