Top 5 Tech And Telecom Stocks Which You'll Regret Missing In Q1 2023

Author: Lisa Levin | March 07, 2023 09:12am

The most oversold stocks in the communication services 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.

Sirius XM Holdings Inc. (NASDAQ:SIRI)

• Sirius XM lowered around 8% of its workforce, Bloomberg reported. The company’s stock has a 52-week low of $4.20 .
• RSI Value: 28.39
• SIRI Price Action: Shares of Sirius XM Holdings gained 1.2% to close at $4.30 on Monday.

KT Corporation (NYSE:KT)

• KT, during November, reported a rise in Q3 sales. The company’s stock has a 52-week low of $11.30.
• RSI Value: 27.89
• KT Price Action: Shares of KT gained 0.4% to close at $11.76 on Monday.

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

• Sinclair Broadcast Group reported a fourth-quarter FY22 revenue decline of 35% year-on-year to $960 million, missing the consensus of $981.98 million. "Sinclair had a solid finish to 2022, setting records for our Broadcast and other advertising and distribution revenues. Strong political revenues were a big factor in the record results, demonstrating the strong value proposition TV continues to offer in reaching the masses," said Chris Ripley, Sinclair's President & Chief Executive Officer. The company’s stock has a 52-week low of $14.37.
• RSI Value: 29.08
• SBGI Price Action: Shares of Sinclair Broadcast fell 0.6% to close at $15.59 on Monday.

The E.W. Scripps Company (NASDAQ:SSP)

• E.W. Scripps reported worse-than-expected Q4 sales results. "Since the beginning of this year, Scripps has been engaged in examining the best ways to structure our company so that we are well-positioned to capture the opportunities we see emerging in our industry," said Adam Symson, Scripps' president and CEO. "We see those in three key growth areas: the content categories of news, sports and entertainment; TV distribution platforms; and the burgeoning marketplace enabled by ATSC 3.0." The company’s 52-week low is $9.90.
• RSI Value: 24.32
• SSP Price Action: Shares of E.W. Scripps fell 6.6% to close at $10.92 on Monday.

Match Group, Inc. (NASDAQ:MTCH)

• Match Group shared its plans to reduce its global workforce by 8% after missing the first-quarter revenue consensus, Bloomberg reported. The company has a 52-week low of $38.64.
• RSI Value: 27.60
• MTCH Price Action: Shares of Match Group fell 5% to close at $39.57 on Monday.

Read More: Investor Optimism Declines Ahead Of Fed Chair Powell's Testimony

Posted In: KT MTCH SBGI SIRI SSP