Investors eyeing the tech sector have a ripe opportunity to snap up undervalued gems amidst the market haze.
One tell-tale sign of a stock potentially on the rebound is its Relative Strength Index (RSI). This indicator measures a stock’s momentum on up versus down days, offering insight into its short-term performance. A stock is often deemed oversold when its RSI dips below 30. Benzinga Pro elucidates on this crucial metric.
Below is a rundown of the top three tech stocks currently dwelling in bargain territory with RSIs hovering near or below the 30 mark.
Opportunities in Oversold Territory: Endava PLC – ADR (DAVA)
- Endava saw its shares plummet by 23% in the past month following weaker-than-expected quarterly sales. In response, John Cotterell, CEO of Endava, reflected on the challenging fiscal year, emphasizing the firm’s strategic shift towards a more diversified market approach. With an RSI value of 25.95 and a recent stock price of $23.59, Endava stands poised for a potential resurgence.
Intriguing Outlook: Verint Systems Inc. (VRNT)
- Verint Systems witnessed a 9% dip in its stock value over the last month. Despite this setback, Wedbush analyst Daniel Ives remains bullish on the company, reiterating an Outperform rating and maintaining a price target of $38. With an RSI of 25.50 and shares trading at $23.60, Verint’s future trajectory promises potential rewards for investors.
Potential Winner: CoreCard Corp (CCRD)
- CoreCard Corp turned heads with its better-than-expected quarterly earnings report, signaling a revenue of $13.8 million in the second quarter. CEO Leland Strange expressed optimism about the company’s ongoing investments in its platform and processing capabilities, despite a dip in revenue attributed to specific factors. With an RSI value of 28.61 and a recent stock price of $12.94, CoreCard’s growth prospects make it a stock to watch.
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