Opportunities arise in the information technology sector as oversold stocks open doors to undervalued assets.
An important metric, the Relative Strength Index (RSI), offers insights into a stock’s momentum by comparing its strength on up and down days. With an RSI below 30, a stock is often considered oversold, indicating potential for a rebound.
Here are some key players in the tech sector demonstrating signs of being oversold:
Verint Systems Inc. (VRNT)
- In September, Verint Systems faced a stock drop following second-quarter financial results. Amidst this downturn, the company initiated a $200 million stock buyback program. Verint CEO Dan Bodner emphasized the company’s strong performance in the AI sector, expressing optimism for future growth. The stock is down approximately 24% in the past month, hitting a 52-week low of $18.41.
- RSI Value: 26.27
- VRNT Price Action: Closing at $24.91.
Braze Inc (BRZE)
- Braze reported better-than-expected quarterly earnings, showcasing a positive outlook on its Customer Engagement Platform. Despite this, the stock fell by around 29% in the previous month, reaching a 52-week low of $31.80.
- RSI Value: 27.87
- BRZE Price Action: Closed at $32.64.
YXT.Com Group Holding Ltd – ADR (YXT)
- Following an initial public offering announcement in August, YXT.com Group shares witnessed a significant drop of around 59% in the past month, hitting a 52-week low of $3.21.
- RSI Value: 15.60
- YXT Price Action: Closed at $3.49.
TROOPS Inc (TROO)
- TROOPS Inc experienced an 18% decline over the last five days, with the stock hitting its 52-week low at $0.73.
- RSI Value: 29.69
- TROO Price Action: Closed at $2.97.