Top 5 Tech Stocks That Could Blast Off In March

Author: Avi Kapoor | March 11, 2024 07:50am

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.

Smith Micro Software, Inc. (NASDAQ:SMSI)

• On Feb. 22, Smith Micro Software reported worse-than-expected fourth-quarter financial results. "Looking back at 2023, we faced some challenges and implemented decisive changes to build a new path forward for the Company," said William W. Smith, Jr., president, chief executive officer, and chairman of the board of Smith Micro. "I believe we are well positioned to capitalize on what is happening in the Family Safety market today, as we see both governmental and societal pressures creating significant momentum in the market and driving the need for technology solutions aimed at providing for our loved ones’ digital and physical safety." The company’s stock fell around 52% over the past month and has a 52-week low of $0.30 .
• RSI Value: 25.05
• SMSI Price Action: Shares of Smith Micro Software fell 3% to close at $0.3717 on Friday.

Aurora Innovation, Inc. (NASDAQ:AUR)

• On Feb. 14, Aurora Innovation posted a narrower-than-expected quarterly loss. The company’s stock fell around 13% over the past five days. It has a 52-week low of $1.14.
• RSI Value: 29.63
• AUR Price Action: Shares of Aurora Innovation fell 3.5% to close at $2.20 on Friday.

Snowflake Inc. (NYSE:SNOW)

• On Feb. 28, Snowflake said fourth-quarter revenue increased 32% year-over-year to $774.7 million, which beat the consensus estimate of $759.1 million. The company also announced that CEO Frank Slootman has decided to retire from his role as CEO, but will continue to serve as chairman of the board. The company’s stock fell around 30% over the past month and has a 52-week low of $128.76.
• RSI Value: 27.26
• SNOW Price Action: Shares of Snowflake fell 3.6% to close at $162.40 on Friday.

Endava plc (NYSE:DAVA)

• On Feb. 29, Endava posted upbeat quarterly earnings. "Our results for Q2 FY2024 were in line with our prior guidance, with a revenue decrease of 8.1% in constant currency year over year. The uncertain economic environment continues to impact near-term client decision making," said John Cotterell, Endava's CEO. The company’s shares lost around 48% over the past month. The company’s 52-week low is $35.25.
• RSI Value: 19.62
• DAVA Price Action: Shares of Endava gained 1.9% to close at $37.50 on Friday.

LivePerson, Inc. (NASDAQ:LPSN)

• On Feb. 28, LivePerson reported mixed fourth-quarter financial results and issued total revenue guidance below estimates. The company’s shares fell around 13% over the past five days. The company has a 52-week low of $0.98.
• RSI Value: 23.88
• LPSN Price Action: Shares of LivePerson gained 7.8% to close at $1.18 on Friday.

 

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Posted In: AUR DAVA LPSN SMSI SNOW