Top 5 Industrials Stocks That May Implode This Month

Author: Lisa Levin | June 07, 2023 07:49am

The most overbought stocks in the industrials sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

SES AI Corporation (NYSE:SES)

• SES AI said it is set to join the broad-market Russell 3000® Index. The company’s stock has a 52-week high of $6.42 .
• RSI Value: 70.48
• SES Price Action: Shares of SES AI jumped 11.1% to close at $2.11 on Tuesday.

Blade Air Mobility, Inc. (NASDAQ:BLDE)

• Blade Air Mobility reported first-quarter FY23 revenue growth of 70% year-over-year to $45.27 million, beating the consensus of $40.51 million. "We are making exceptional progress on all fronts, resulting in our seventh consecutive quarter with financial results ahead of our expectations," said Rob Wiesenthal, Blade's Chief Executive Officer. The company’s stock has a 52-week high of $6.96.
• RSI Value: 75.07
• BLDE Price Action: Shares of Blade Air Mobility rose 9.3% to close at $3.64 on Tuesday.

Joby Aviation, Inc. (NYSE:JOBY)

• Joby Aviation posted a wider-than-expected quarterly loss. JoeBen Bevirt, Founder and CEO, Joby, said, “Already in 2023 we’ve achieved significant milestones in production, testing and funding, and I’m incredibly excited about our progress as we move towards our goal of launching commercial service in 2025.” The company has a 52-week high of $7.15.
• RSI Value: 75.46
• JOBY Price Action: Shares of Joby Aviation gained 5.8% to close at $6.34 on Tuesday.

Vertiv Holdings Co (NYSE:VRT)

• Vertiv Holdings reported better-than-expected first-quarter results and issued second-quarter guidance. "We anticipated a strong start to 2023, and our first quarter results delivered with sales, adjusted operating profit and adjusted free cash flow exceeding our guidance," said Giordano Albertazzi, Vertiv’s Chief Executive Officer. The company’s 52-week high is $20.53.
• RSI Value: 70.85
• VRT Price Action: Shares of Vertiv Holdings fell 0.4% to close at $20.00 on Tuesday.

U.S. Xpress Enterprises, Inc. (NYSE:USX)

• Knight-Swift Transportation announced it will acquire the company for $6.15 per share. The company has a 52-week high of $6.13.
• RSI Value: 74.70
• USX Price Action: Shares of U.S. Xpress Enterprises fell 0.3% to settle at $6.10 on Tuesday.

 

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Posted In: BLDE JOBY SES USX VRT