Top 3 Industrials Stocks That May Rocket Higher This Month
Author: Avi Kapoor | August 19, 2024 08:58am
The most oversold stocks in the industrials 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.
On Aug. 13, Hyzon Motors reported worse-than-expected second-quarter financial results. “In the second quarter of 2024, we executed on several strategic initiatives, including focusing our business on the North American Class 8 and refuse markets. This decision positions us to capitalize on immediate commercial opportunities supported by continued U.S. government backing,” said Hyzon Chief Executive Officer (CEO) Parker Meeks. The company's stock fell around 47% over the past five days and has a 52-week low of $0.050.
RSI Value: 25.52
HYZN Price Action: Shares of Hyzon Motors dipped 27.8% to close at $0.054 on Friday.
On Aug. 14, Velo3D reported a year-over-year increase in second-quarter adjusted EPS results. “Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said Brad Kreger, CEO of Velo3D. The company's stock fell around 46% over the past five days. It has a 52-week low of $1.23.
RSI Value: 23.62
VLD Price Action: Shares of Velo3D fell 5.4% to close at $1.23 on Friday.
On Aug. 8, Array Technologies reported quarterly earnings of 20 cents per share, which beat the analyst consensus estimate of 11 cents by 81.82%. Array Technologies lowered its fiscal year outlook to earnings of between 64 cents and 74 cents, versus the $1,08 estimate, and full-year sales to a range of $900 million to $1 billion, versus the $1.3 billion estimate. The company's shares fell around 38% over the past month and has a 52-week low of $6.43.
RSI Value: 23.63
ARRY Price Action: Shares of Array Technologies rose 0.8% to close at $6.55 on Friday.
Benzinga Pro’s signals feature notified of a potential breakout in ARRY shares.
