Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the materials 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.
Millennium Group International Holdings Limited (NASDAQ: MGIH)
- The company’s stock fell around 45% over the past month. The company’s stock has a 52-week low of $1.00 .
- RSI Value: 22.80
- MGIH Price Action: Shares of Millennium Group fell 5.5% to close at $1.03 on Tuesday.
- Flexible Solutions’ said top line revenue fell to $8.698 million in the third quarter from $11.685 million in the year-ago quarter. Mr. Dan O’Brien, CEO, stated, “Sales to existing customers were lower in the quarter and new customers are becoming more difficult to obtain due to economic uncertainty.” It has a 52-week low of $1.83.
- RSI Value: 27.05
- FSI Price Action: Shares of Flexible Solutions International rose 0.4% to close at $1.9280 on Tuesday.
- Albemarle said net sales for the third quarter rose 10% to $2.3 billion. Albemarle CEO Kent Masters said, "In the third quarter, we formed new strategic partnerships and streamlined our existing MARBL joint venture to better position Albemarle for long-term growth. Our investments across the globe continue to progress, with the Meishan project ahead of schedule for completion in early 2024." The company’s stock has a 52-week low of $116.35.
- RSI Value: 28.56
- ALB Price Action: Shares of Albemarle gained 2.2% to close at $122.11 on Tuesday.
- Ranpak posted a narrower-than-expected third-quarter loss. "We are pleased to report continued improvement in our operating and financial profile as volumes increased year over year and we continue to see gross margin expansion," said Omar M. Asali, Chairman and Chief Executive of Ranpak. The company’s 52-week low is $2.63.
- RSI Value: 29.64
- PACK Price Action: Shares of Ranpak gained 7.2% to close at $3.11 on Tuesday.
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