The most oversold stocks in the industrial sector represent an opportunity to buy undervalued companies.
The RSI is a momentum indicator, comparing a stock’s strength on days when prices rise to its strength on days when prices fall. Compared to a stock’s price action, it can give traders a better idea of how a stock might perform in the short term. According to Benzinga Pro, an asset is generally considered oversold when the RSI is below 30.
Here is the latest list of major oversold players in this sector, with an RSI near or below 30.
IBEX LIMITED IBEX
- On Feb. 8, IBEX reported worse-than-expected second-quarter financial results and issued lower-than-estimated fiscal 2024 revenue guidance. “We achieved several of our key objectives in the second quarter, highlighted by eight new customers acquired in the quarter, for a total of twelve in the first half of the fiscal year compared to seven in the same period last year,” commented Bob Dechant, Ibex CEO. The company’s shares have fallen about 11% over the past five days and have a 52 week low of $11.45 .
- RSI value: 7.27pm
- IBEX Price Action: IBEX shares fell 9.2% to close at $15.79 on Friday.
Forrester Research, Inc. FORR
- On February 8, the company posted upbeat quarterly earnings. George F. Colony, CEO and president of Forrester, said: “2023 was a challenging year, with revenue down 11% and CV down 4%. However, in 2023 we made steady progress on on multiple fronts, including enhancing the Forrester Decisions platform, upskilling the sales organization, and preparing our genAI tool, Izola, for general release. Additionally, we achieved our goal of migrating two-thirds of our contract value into our new research platform, Forrester Decisions.” The company’s shares have fallen about 14% over the past five days. It has a minimum of 52 weeks of $21.03.
- RSI value: 19.77
- FORR Price Action: Forrester Research shares fell 7.4% to close at $21.44 on Friday.
ESCO Technologies Inc. THAT
- On February 8, ESCO Technologies released disappointing quarterly results. Bryan Sayler, CEO and president, said: “Our fiscal year is off to a great start in many ways, with particularly large orders. This was demonstrated by a $65 million order for surface hull tiles for the Virginia Class Submarine program. Additionally, it was another solid quarter in the aerospace sector, with strength in OEM and aftermarket orders in both the commercial and defense sectors. Book-to-bill for the quarter was 1.35x and resulted in a record backlog of nearly $850 million.” The company’s shares are down about 6% over the past five days and have a 52-week term minimum of $85.50.
- RSI value: 27.43
- ESE Price Action: ESCO Technologies shares fell 5.9% to close at $97.74 on Friday.
Avanti Air Corporation AXIS
- On February 7, Forward Air named Michael Hance interim CEO. The company’s shares have lost about 26% over the past month. The company’s 52-week low is $41.35.
- RSI value: 20.82
- FWRD Price Action: Forward Air shares fell 2.8% to close at $41.43 on Friday.
CH Robinson Worldwide, Inc. CHRW
- On January 31, CH Robinson Worldwide reported disappointing fourth-quarter results. The company’s shares are down about 14% over the past month. The company has a minimum of 52 weeks of $71.57.
- RSI value: 28.02
- CHRW Price Action: CH Robinson shares rose 0.1% to close at $74.67 on Friday.
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