Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio This Month

Author: Avi Kapoor | September 03, 2024 07:11am

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.

comScore Inc (NASDAQ:SCOR)

• On Aug. 6, comScore reported worse-than-expected second-quarter financial results and revised its FY24 revenue guidance below estimates. “While the second quarter fell short of our expectations, we remain confident that the direction we’re taking the company – one that is focused on delivering omnichannel measurement solutions to address the growing gaps in today’s measurement offerings – is the right one,” said Jon Carpenter, CEO of Comscore. The company's stock fell around 45% over the past month and has a 52-week low of $6.41.
• RSI Value: 28.03
• SCOR Price Action: Shares of comScore gained 2.3% to close at $7.17 on Friday.
• Benzinga Pro's real-time newsfeed alerted to latest SCOR news.

SPAR Group Inc (NASDAQ:SGRP)        

• On Aug. 14, SPAR Group posted better-than-expected quarterly sales. Mike Matacunas, the Company’s President and Chief Executive Officer, commented, “Our second quarter results reflect a focus on simplification and driving growth in the Americas, specifically the U.S. and Canada. Our revenues in the second quarter were up 37% in the ongoing U.S. business and 14% in Canada. In addition, we continued to divest in underperforming assets in the second quarter resulting in a one-time $4.9 million capital gain and increasing our cash to $22 million. Our financials are stronger than they have ever been in the history of the company and demand for our services is growing.” The company's stock fell around 20% over the past month. It has a 52-week low of $0.70.
• RSI Value: 25.61
• SGRP Price Action: Shares of SPAR Group closed at $1.45 on Friday.
• Benzinga Pro’s charting tool helped identify the trend in SGRP stock.

IQIYI Inc – ADR (NASDAQ:IQ)

• On Aug. 27, Goldman Sachs analyst Lincoln Kong downgraded iQIYI from Buy to Neutral and announced a $2.8 price target.. The company's shares fell around 31% over the past month and has a 52-week low of $2.08
• RSI Value: 26.24
• IQ Price Action: Shares of IQIYI fell 4% to close at $2.15 on Friday.
• Benzinga Pro’s signals feature notified of a potential breakout in IQ shares.

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Posted In: IQ SCOR SGRP