Top 4 Tech And Telecom Stocks That May Rocket Higher in February

Author: Avi Kapoor | February 16, 2024 07:54am

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, according to Benzinga Pro.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

Scienjoy Holding Corporation (NASDAQ:SJ)

• On Dec. 15, Scienjoy Holding posted a 9-month loss of 7 cents per share. Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "I am delighted to unveil our exciting developments in SJ Verse and other progress. SJ Media, arising from the merger between BeeLive and NUJOOM ALMASHREQ MEDIA L.L.C ("NUJOOM"), has evolved into an AI-enabled live streaming platform, providing unparalleled interactive experiences. SuperJ is reshaping the retail landscape with its distinctive 'pay less and get a surprise' model, elevating the lifestyle dimension of SJ Verse. DVCC TECHNOLOGY L.L.C ("DVCC"), our comprehensive race event platform, continues to deliver thrilling entertainment to our audience. However, our journey doesn't stop here." The company’s stock fell around 72% over the past month and has a 52-week low of $0.6560 .
• RSI Value: 26.75
• SJ Price Action: Shares of Scienjoy gained 5.9% to close at $0.8260 on Thursday.

Global Mofy Metaverse Limited (NASDAQ:GMM)

• On Jan. 31, Global Mofy Metaverse posted FY23 EPS of 26 cents per share. The company’s stock fell around 25% over the past month. It has a 52-week low of $2.08.
• RSI Value: 26.51
• GMM Price Action: Shares of Global Mofy Metaverse rose 2.7% to close at $2.29 on Thursday.

Moving iMage Technologies, Inc. (NYSE:MITQ)

• On Feb. 14, Moving iMage Technologies reported a year-over-year decrease in second-quarter revenue results. "As expected, our second quarter results were down versus last year, reflecting the end to the Shuttered Venue Operators Grant, or SVOG, spending and the impact of the writers’ and actors’ strikes, which negatively impacted the box office and our customers’ ability to build budgets for 2024," said Phil Rafnson, chairman and chief executive officer, MiT. The company’s stock fell around 23% over the past five days and has a 52-week low of $0.65.
• RSI Value: 24.37
• MITQ Price Action: Shares of Moving iMage Technologies fell 3.1% to close at $0.6506 on Thursday.

Iridium Communications Inc. (NASDAQ:IRDM)

• On Feb. 15, Iridium Communications reported flat fourth-quarter FY23 revenue growth to $194.74 million, beating the consensus of $194.03 million. “Iridium executed well in 2023, delivering another solid year of commercial services growth. Strength was broad based with subscriber growth across all commercial service lines,” said Matt Desch, CEO, Iridium. The company’s shares lost around 12% over the past five days. The company’s 52-week low is $30.42.
• RSI Value: 19.73
• IRDM Price Action: Shares of Iridium Communications fell 13% to close at $30.47 on Thursday.

 

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Posted In: GMM IRDM MITQ SJ