The most oversold stocks in the information technology 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.
Pixelworks, Inc. (NASDAQ:PXLW)
- On Feb. 8, Pixelworks posted a wider-than-expected fourth-quarter loss. "Our fourth quarter results marked a strong finish to the year, which was highlighted by the continued momentum and significant growth of our mobile business," stated Todd DeBonis, President and CEO of Pixelworks. The company’s stock fell around 18% over the past five days and has a 52-week low of $1.01 .
- RSI Value: 29.17
- PXLW Price Action: Shares of Pixelworks fell 8.4% to close at $1.85 on Friday.
Digital Turbine, Inc. (NASDAQ:APPS)
- On Feb. 7, Digital Turbine reported worse-than-expected third-quarter financial results and issued FY24 adjusted EPS and revenue guidance below estimates. The company’s stock fell around 37% over the past month. It has a 52-week low of $1.87.
- RSI Value: 20.30
- APPS Price Action: Shares of Digital Turbine fell 8.3% to close at $1.87 on Friday.
Intel Corporation (NASDAQ:INTC)
- On April 10, the company expanded its pact with Infosys Limited (NYSE:INFY) to assist global enterprises in accelerating their AI journeys. The company’s stock fell around 16% over the past month and has a 52-week low of $26.86.
- RSI Value: 29.96
- INTC Price Action: Shares of Intel fell 5.2% to close at $35.69 on Friday.
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