Exploring oversold stocks in the industrials sector reveals a golden opportunity to invest in undervalued companies.
One of the tools at hand, the RSI (Relative Strength Index), offers a glimpse into a stock’s momentum by comparing its strength on up days versus down days. A stock is deemed oversold when its RSI dips below 30, as per trading insights.
Core & Main Inc (NYSE: CNM)
- Rrecently, Core & Main presented disappointing second-quarter financial results, trimming its FY24 net sales forecast below expectations. The company reported earnings of 61 cents per share, missing the analyst consensus of 73 cents. Quarterly sales stood at $1.964 billion, falling short of estimates. The stock plummeted approximately 22% in the past month, hitting a 52-week low of $27.75.
- RSI Value: 25.50
- CNM Price Action: Core & Main’s shares dipped by 0.5% to $38.12 at the recent close.
Avis Budget Group Inc (NASDAQ: CAR)
- Avis Budget Group recently priced $700 million in senior notes, coinciding with a 19% decline in its stock over the last month and reaching a 52-week low of $65.73.
- RSI Value: 26.27
- CAR Price Action: Avis Budget’s shares closed down by 3.2% at $67.43 in the latest trading session.
Golden Ocean Group Ltd (NASDAQ: GOGL)
- Golden Ocean Group surpassed quarterly earnings estimates on a volatile market backdrop. The company’s shares fell roughly 7% in the last month, hitting a 52-week low of $7.09.
- RSI Value: 29.58
- GOGL Price Action: Shares of Golden Ocean Group concluded Tuesday down by 3.3% at $11.06.
Each of these companies embodies a unique narrative shaped by market forces and internal dynamics. Despite recent downturns, their potential for recovery and growth remains intriguing for investors looking to capitalize on undervalued stocks.