Benzinga - by Lisa Levin, Benzinga Editor.
The most overbought stocks in the industrials 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.
SP Plus Corporation (NASDAQ: SP)
- SP Plus posted better-than-expected third-quarter results. Marc Baumann, Chairman and Chief Executive Officer, said, “This was a record quarter for SP+ across key financial and operating metrics, reflecting increased client demand for our unique ability to deliver industry leading technology solutions and best-in-class onsite services at scale. Market conditions remained robust as back-to-office trends and travel volumes continued to be favorable.” The company’s stock has a 52-week high of $52.40. .
- RSI Value: 73.85
- SP Price Action: Shares of SP Plus fell 1.1% to close at $50.93 on Monday.
- Leidos reported better-than-expected third-quarter financial results and raised FY23 adjusted EPS and revenue guidance. Thomas Bell, Leidos Chief Executive Officer, commented, "Our third quarter financial results build on the momentum from last quarter and are the direct result of our entire team being aligned on our direction and intent on delivering against our commitments." The company’s stock has a 52-week high of $110.91.
- RSI Value: 72.84
- LDOS Price Action: Shares of Leidos fell 0.6% to close at $103.32 on Monday.
- RTX inked a joint venture pact with Rafael Advanced Defense Systems to build a manufacturing facility in East Camden, Arkansas. "This new facility will allow us to expand our presence in Camden and further benefit from the resident talent and expertise of this aerospace and defense epicenter," said Raytheon's Tom Laliberty, president of Land & Air Defense Systems and Raytheon-Rafael Area Protection Systems chairman of the board. The company has a 52-week high of $104.91.
- RSI Value: 72.36
- RTX Price Action: Shares of RTX fell 0.4% to close at $82.40 on Monday.
- HNI reported better-than-expected third-quarter earnings. “Our profit transformation actions continue to accelerate—reflecting the focus and dedication of our members. Our strategies to expand operating profit margin in our Workplace Furnishings segment continue to deliver,” stated Jeff Lorenger, Chairman, President, and Chief Executive Officer. The company’s 52-week high is $38.68.
- RSI Value: 71.09
- HNI Price Action: Shares of HNI fell 0.2% to close at $38.46 on Monday.
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