Benzinga - by Lisa Levin, Benzinga Editor.
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.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Progress Software Corporation (NASDAQ: PRGS)
- Wedbush analyst Daniel Ives reiterated Progress Software with an Outperform and maintained a $65 price target. The company’s stock has a 52-week low of $40.33 .
- RSI Value: 29.99
- PRGS Price Action: Shares of Progress Software fell 0.1% to close at $56.26 on Friday.
- Silicon Laboratories reported second-quarter sales of $245 million, down 6.95% Y/Y, in line with guidance, beating the consensus of $242.94 million. "We delivered solid results in the second quarter, with record revenue in our Industrial & Commercial business," said Matt Johnson, President & CEO. "The strength in Industrial & Commercial was offset by a decline in our Home & Life business as weak demand and excess customer inventory continue to impact our results. Despite the challenging near-term outlook." It has a 52-week low of $109.44.
- RSI Value: 23.00
- SLAB Price Action: Shares of Silicon Laboratories fell 0.1% to close at $114.53 on Friday.
- Clear Secure reported better-than-expected second-quarter financial results and issued FY23 revenue guidance above estimates. The company’s stock has a 52-week low of $18.56.
- RSI Value: 20.66
- YOU Price Action: Shares of Clear Secure fell 0.2% to close at $18.71 on Friday.
- Allegro Microsystems posted better-than-expected earnings for its first quarter. The company’s 52-week low is $19.80.
- RSI Value: 22.92
- ALGM Price Action: Shares of Allegro MicroSystems rose 0.5% to close at $31.90 on Friday.
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