Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The most oversold stocks in the consumer staples 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.
The Vita Coco Company, Inc. (NASDAQ: COCO)
- On Jan. 31, Goldman Sachs analyst Bonnie Herzog maintained Vita Coco with a Buy and lowered the price target from $32 to $28. The company’s stock fell around 21% over the past month and has a 52-week low of $13.40 .
- RSI Value: 25.44
- COCO Price Action: Shares of Vita Coco fell 1.7% to close at $19.61 on Monday.
- On Jan. 8, MGP Ingredients announced the promotion of Amel Pasagic to the newly created position of Chief Commercial Officer. “Amel’s wealth of experience and his unique strategic view of our business will be critical in driving the next phase of growth for MGP,” said David Bratcher, MGP President and Chief Executive Officer. “We are fortunate to have Amel assume this new role and look forward to his leadership as we continue to leverage the solid foundation we have established and seize the significant opportunities that remain ahead of us.” The company’s stock fell around 8% over the past five days. It has a 52-week low of $81.11.
- RSI Value: 29.40
- MGPI Price Action: Shares of MGP Ingredients fell 3% to close at $81.64 on Monday.
- On Nov. 1, Fresh Del Monte Produce reported worse-than-expected third-quarter results. The company’s stock fell around 12% over the past month and has a 52-week low of $21.41.
- RSI Value: 29.26
- FDP Price Action: Shares of Fresh Del Monte Produce fell 3% to close at $23.79 on Monday.
- On Jan. 25, Grocery Outlet announced that it has appointed Ramesh Chikkala to the newly created position of EVP, Chief Operations Officer. "Ramesh is an ideal fit for this new position with his extensive leadership and operating experience in both supply chain and technology," said RJ Sheedy, President and Chief Executive Officer. "He has deep expertise in end-to-end supply chain transformation and business digitalization. This position represents continued investment in our business operations, which is critical to delivering our value proposition and supporting future revenue and profit growth." The company’s shares lost around 9% over the past month. The company’s 52-week low is $23.88.
- RSI Value: 25.20
- GO Price Action: Shares of Grocery Outlet fell 3.2% to close at $23.90 on Monday.
- According to a leaked memo, Archer-Daniels-Midland has decided to postpone the payment of performance bonuses to some of its executives. The decision comes in the wake of an ongoing investigation into the company’s accounting practices. The company’s shares fell around 25% over the past month. The company has a 52-week low of $50.72.
- RSI Value: 27.98
- ADM Price Action: Shares of Archer-Daniels-Midland fell 4.9% to close at $52.96 on Monday.
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