The most oversold stocks in the Information Technology sector represent an opportunity to buy undervalued companies.
RSI is a momentum indicator that compares a stock’s strength on days when its price increases to its strength on days when its price decreases. Comparing it to a stock’s price movement gives traders a more accurate picture of a stock’s short-term performance. According to Benzinga Pro, an asset is typically considered oversold when the RSI falls below 30.
Here is the latest list of major oversold players in this sector with RSI near or below 30.
Endava PLC – ADR DAVA
On September 19th, Endava’s quarterly sales fell short of expectations. “In retrospect, the last financial year was a difficult year for Endava, with revenue down 4.5% at constant currency as a result of significant headwinds across the business, particularly the impact of our exposure to the UK market and payments industry. We are now further diversifying our industry and geographic focus, expanding our delivery reach and evolving into a truly global delivery organization. We have the talent we need to support the next wave of digital transformation. We are increasing our investment in skills and skills, which we believe will help us gradually return to higher levels of profitability,” said Endava CEO John Cotterell. The company’s stock price has fallen about 23% over the past month, hitting a 52-week low of $23.50. RSI Value: 25.95 DAVA Price Action: Endava stock fell 3.8% to close at $23.59 on Wednesday. Benzinga Pro’s real-time newsfeed alerts you to the latest news on DAVA.
Verint Systems Co., Ltd. VRNT
On September 26th, Wedbush analyst Daniel Ives reiterated that Verint Systems outperformed and maintained his $38 price target. The company’s stock price has fallen about 9% in the last month. It hit a 52-week low of $18.41. RSI Value: 25.50 VRNT Price Change: Verint stock fell 1.6% to close at $23.60 on Wednesday. Benzinga Pro’s charting tools helped us identify trends in VRNT stock.
Core Card Company CCRD
On August 1, Corecard announced quarterly profits that exceeded expectations. “Second quarter total revenue of $13.8 million was in line with our expectations,” said CoreCard CEO Leland Strange. “We continue to see encouraging results from our continued investments in our platform and processing power, and we continue to win new customers who appreciate the capabilities the CoreCard platform offers. The decline was primarily due to lower licensing and processing revenues from Kabbage.” The company’s stock has fallen approximately 11% over the past month, hitting a 52-week low of $10.02. . RSI Value: 28.61 CCRD Price Action: CoreCard stock fell 2.5% on Tuesday to close at $12.94. Benzinga Pro’s Signals feature will notify you of a potential breakout in CCRD stock.
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