Top 2 Industrials Stocks You May Want To Dump In Q4

Author: Lisa Levin | October 05, 2023 08:31am

The most overbought stocks in the industrials sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

REV Group, Inc. (NYSE:REVG)

• REV Group reported a third-quarter FY23 sales growth of 14.3% year-over-year to $680 million, beating the consensus of $627.16 million. "We remain focused on execution and advancement of REV Drive lean initiatives designed to reduce manufacturing complexity, improve efficiency, and increase throughput," REV Group CEO Mark Skonieczny said. The company’s stock has a 52-week high of $16.38. .
• RSI Value: 70.13
• REVG Price Action: Shares of REV Group fell 0.8% to close at $15.98 on Wednesday.

Globus Maritime Limited (NASDAQ:GLBS)

• Globus Maritime announced it regained compliance with Nasdaq's minimum closing bid price. The company’s stock has a 52-week high of $2.33.
• RSI Value: 77.23
• GLBS Price Action: Shares of Globus Maritime jumped 18% to close at $2.29 on Wednesday.

 

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Posted In: GLBS REVG