Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The most oversold stocks in the consumer discretionary 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.
Chijet Motor Company, Inc. (NASDAQ: CJET)
- On Dec. 4, Chijet said revenues for the six months ended June 30 were $2.6 million, down 73.2% year over year. The company’s stock fell around 39% over the past five days and has a 52-week low of $0.7220 .
- RSI Value: 25.50
- CJET Price Action: Shares of Chijet Motor rose 0.8% to close at $0.8352 on Monday.
- On Oct. 31, the company said revenues increased 9% Y/Y to $2.91 billion (+15% Y/Y in constant currency [c.c.]), missing the consensus of $3.06 billion. The company’s stock fell more than 10% over the past month. It has a 52-week low of $39.26.
- RSI Value: 22.54
- YUMC Price Action: Shares of Yum China rose 0.1% to close at $39.92 on Monday.
- On Nov. 22, MINISO Group Holding reported first-quarter FY24 revenue of RMB3.79 billion, up 36.7% year over year and 16.6% quarter over quarter. Eason Zhang, Chief Financial Officer and Vice President of MINISO, commented, "Looking forward into the December quarter, we expect our sales to continue to grow strongly on a year-over-year basis, driven by better store-level performance and store network expansion. Meanwhile, our margin profile will continue to optimize on a year-over-year basis." The company’s stock fell more than 25% over the past month and has a 52-week low of $10.38.
- RSI Value: 28.22
- MNSO Price Action: Shares of MINISO Group fell 0.6% to close at $19.44 on Monday.
- On Dec. 7, Delta Apparel posted downbeat sales for the fourth quarter. Delta Apparel Chairman and Chief Executive Officer Robert W. Humphreys commented, "Fiscal 2023 was undoubtedly a challenging year for our Company and the industry given the reduced demand environment following last year’s post-pandemic seller’s market. However, it was also a transformative year for our Company where we implemented a number of needle-moving initiatives across our business that set the stage for significant operational improvement." The company’s shares lost around 21% over the past five days. The company’s 52-week low is $6.45.
- RSI Value: 28.55
- DLA Price Action: Shares of Delta Apparel fell 1.5% to close at $7.39 on Monday.
- Fisker confirmed two new hires for its executive team. Wolfgang Hoffmann has joined the company as Country Manager for Canada, and Amira Aly has joined as VP, Sales, for the United States. The company’s shares fell around 63% over the past month. The company has a 52-week low of $1.40.
- RSI Value: 24.99
- FSR Price Action: Shares of Fisker fell 7.9% to close at $1.51 on Monday.
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