Top 3 Tech And Telecom Stocks That May Rocket Higher This Quarter

Author: Avi Kapoor | August 09, 2024 06:43am

The most oversold stocks in the communication services sector presents an opportunity to buy into undervalued 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 oversold when the RSI is below 30, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

Bumble Inc (NASDAQ:BMBL)

• On Aug. 7, Bumble reported worse-than-expected second-quarter revenue results. "Our first chapter of the Bumble App launch delivered better women's experiences and improved engagement," said Lidiane Jones, CEO of Bumble. The company's stock fell around 33% over the past five days and has a 52-week low of $4.80.
• RSI Value: 19.04
• BMBL Price Action: Shares of Bumble fell 29.2% to close at $5.71 on Thursday.
• Benzinga Pro's real-time newsfeed alerted to latest BMBL news.

Tripadvisor Inc (NASDAQ:TRIP)

• On Aug. 6, TripAdvisor reported worse-than-expected second-quarter sales results. Mike Noonan, Chief Financial Officer said, "Our consolidated performance reflected the strength of combined contributions across the segments, despite some of the anticipated top line headwinds in the quarter. Our operational progress provides us the confidence that our segment strategies are setting the groundwork for an attractive long-term financial profile." The company's stock fell around 14% over the past five days. It has a 52-week low of $13.41.
• RSI Value: 26.24
• TRIP Price Action: Shares of Tripadvisor gained 3.1% to close at $14.03 on Thursday.
• Benzinga Pro’s charting tool helped identify the trend in TRIP stock.

Snap Inc (NYSE:SNAP)

• On Aug. 1, Snap reported worse-than-expected second-quarter revenue results. "Our community grew to reach more than 850 million monthly active users in Q2, with more than 11 million Snapchat+ subscribers," said Evan Spiegel, CEO of Snap. The company's shares fell around 47% over the past month and has a 52-week low of $8.28.
• RSI Value: 21.94
• SNAP Price Action: Shares of Snap gained 7.8% to close at $8.94 on Thursday.
• Benzinga Pro’s signals feature notified of a potential breakout in Snap shares.

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Posted In: BMBL SNAP TRIP