Top 3 Tech And Telecom Stocks That Are Set To Fly In July

Author: Lisa Levin | July 12, 2023 08:03am

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.

IDT Corporation (NYSE:IDT)

• IDT said third-quarter EPS increased 50% to $0.27 from $0.18 in the year-ago period. Shmuel Jonas, CEO said, “For the third quarter of our 2023 fiscal year, IDT generated year-over-year increases in gross profit, Adjusted EBITDA, and EPS highlighted by the continued expansion of our three high growth, high-margin businesses and by the relatively resilient cash-flows from our Traditional Communications segment, even as revenue from this segment continued to decline.” The company’s stock has a 52-week low of $23.07 .
• RSI Value: 25.04
• IDT Price Action: Shares of IDT fell 0.5% to close at $24.21 on Tuesday.

Chunghwa Telecom Co., Ltd. (NYSE:CHT)

• Chunghwa Telecom clocked a 5.7% year-over-year revenue growth in the first quarter to NT$ 54.21 billion. "Thanks to the outstanding work and dedication of the Chunghwa team, the first quarter of 2023 started off strong as we beat all financial forecasts amid a challenging macro environment. We demonstrate vibrant growth in our three business groups, all of which delivered positive YoY increases in both revenue and profit." said Mr. Shui-Yi Kuo, Chairman, and Chief Executive Officer of Chunghwa Telecom. It has a 52-week low of $32.90.
• RSI Value: 18.75
• CHT Price Action: Shares of Chunghwa Telecom rose 1% to close at $36.53 on Tuesday.

Cineverse Corp. (NASDAQ:CNVS)

• Cineverse recently announced its financial results for the fiscal fourth quarter. Chris McGurk, Cineverse Chairman and CEO , stated, “Despite macro-economic headwinds and many industry challenges, Fiscal Year 2023 marked an important turning point for the newly-rebranded Cineverse. With the successful wind down of our legacy Cinema Equipment business behind us, Cineverse is now a pure-play content and streaming company.” The company’s stock has a 52-week low of $0.25.
• RSI Value: 19.45
• CNVS Price Action: Shares of Cineverse rose 2.6% to close at $1.60 on Tuesday.

 

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Posted In: CHT CNVS IDT