Top 4 Industrial Stocks That May Plunge In Q4

Author: Lisa Levin | October 27, 2023 07:22am

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.

SP Plus Corporation (NASDAQ:SP)

• SP Plus entered into a definitive agreement to be acquired by Metropolis Technologies, Inc. for $54.00 per share in cash. "SP+ is a phenomenal business whose operational excellence, talented leadership team and high customer satisfaction levels have long made it a key partner to real estate owners across North America," said Alex Israel, Co-founder and CEO of Metropolis. The company’s stock has a 52-week high of $52.40. .
• RSI Value: 73.05
• SP Price Action: Shares of SP Plus fell 0.5% to close at $49.77 on Thursday.

Textainer Group Holdings Limited (NYSE:TGH)

• Textainer Group entered into a definitive agreement to be acquired by Stonepeak, an alternative investment firm specializing in infrastructure and real assets. B. Riley Securities recently downgraded Textainer Group from Buy to Neutral and lowered the price target from $55 to $50. The company’s stock has a 52-week high of $49.60.
• RSI Value: 77.71
• TGH Price Action: Shares of Textainer Group fell 0.1% to close at $49.09 on Thursday.

Navios Maritime Holdings Inc. (NYSE:NM)

• N Logistics Holdings announced plans to acquire all outstanding shares of common stock of Navios Maritime Holdings not already owned by NLHC for $2.28 per share. The company has a 52-week high of $2.97.
• RSI Value: 72.92
• NM Price Action: Shares of Navios Maritime gained 0.5% to close at $2.21 on Thursday.

CoreCivic, Inc. (NYSE:CXW)

• Northland Capital Markets recently initiated coverage on CoreCivic with an Outperform rating and announced a price target of $16. CoreCivic is expected to release its 2023 third quarter financial results on Nov. 6, 2023. The company’s 52-week high is $13.50.
• RSI Value: 70.93
• CXW Price Action: Shares of CoreCivic gained 2.1% to close at $12.81 on Thursday.

 

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Posted In: CXW NM SP TGH