Top 3 Tech Stocks Which Could Rescue Your Portfolio This Month

Author: Avi Kapoor | February 27, 2024 08:10am

The most oversold stocks in the information technology 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.

Five9, Inc. (NASDAQ:FIVN)

• On Feb. 21, Five9 reported fourth-quarter financial results and issued guidance. The company also announced a proposed $600 million convertible notes offering on Feb. 26. The company’s stock fell around 21% over the past month and has a 52-week low of $51.01.
• RSI Value: 28.86
• FIVN Price Action: Shares of Five9 fell 1% to close at $63.38 on Monday.

CalAmp Corp. (NASDAQ:CAMP)

• On Jan. 9, CalAmp posted downbeat quarterly results. “In the third quarter, strength in our industrial and connected car segments was offset by soft demand in our TSP segment. Soft demand with TSPs led to lower than expected consolidated revenue and Adjusted EBITDA. We continue to work closely with our TSP customers as they rebalance inventory levels and respond to an overall competitive environment. We are optimistic that our rejuvenated efforts in this segment will result in a return to revenue growth from current levels” said Interim CEO, Jason Cohenour. The company’s stock fell around 10% over the past five days. It has a 52-week low of $2.29.
• RSI Value: 15.88
• CAMP Price Action: Shares of CalAmp gained 0.3% to close at $3.19 on Monday.

Digital Turbine, Inc. (NASDAQ:APPS)

• On Feb. 7, Digital Turbine reported worse-than-expected third-quarter financial results and issued FY24 adjusted EPS and revenue guidance below estimates. “Weaker U.S. device upgrade rates and temporary platform consolidation factors represent near-term headwinds, but in no way impact our broader outlook on the tremendous market opportunity in front of us, particularly with respect to the prevailing winds of change in the alternative app distribution world,” said Bill Stone, CEO of Digital Turbine. The company’s stock fell around 48% over the past month and has a 52-week low of $3.04.
• RSI Value: 23.00
• APPS Price Action: Shares of Digital Turbine rose 0.7% to close at $3.10 on Monday.

 

Read More: Macy's, Lowe's And 3 Stocks To Watch Heading Into Tuesday

Posted In: APPS CAMP FIVN