Seizing Opportunity in Oversold Tech Stocks
The information technology sector is a volatile landscape, offering opportunities to astute investors to capitalize on undervalued companies marked by oversold stocks. Delving into the Relative Strength Index (RSI), a pivotal momentum indicator, can unveil promising investments as it juxtaposes a stock’s strength during price upticks against declines.
Under the guidance of industry insights from Benzinga Pro, we present a timely snapshot of tech companies teetering near or below the RSI benchmark of 30, ready to potentially rebound in the market.
Endava PLC – ADR (NYSE:DAVA)
- Endava recently faced headwinds in its quarterly sales, experiencing a 4.5% decline amidst challenges in the UK market and Payments industry vertical. Despite a tough fiscal year, Endava’s CEO, John Cotterell, remains optimistic, focusing on global expansion and digital transformation. The stock price plummeted by 23% in the past month, hitting a 52-week low of $23.50.
- RSI Value: 25.95
- DAVA Price Action: Endava’s shares dipped 3.8% to close at $23.59 on Wednesday.
- Benzinga Pro’s insights underscore the latest developments surrounding DAVA’s trajectory.
Verint Systems Inc. (NASDAQ:VRNT)
- Wedbush analyst Daniel Ives reiterates an Outperform rating for Verint Systems, setting a $38 price target. Noteworthy is the 9% descent in the company’s stock value over the past month, with a 52-week low of $18.41.
- RSI Value: 25.50
- VRNT Price Action: Verint witnessed a 1.6% decline, closing at $23.60 recently.
- Benzinga Pro’s analytical tools provide crucial insights into the trends shaping VRNT’s performance.
CoreCard Corp (NYSE:CCRD)
- CoreCard’s recent quarterly earnings exceeded expectations. While the revenue for the second quarter stood at $13.8 million, CEO Leland Strange highlights the continuous advancements in the platform and processing capabilities. Despite a revenue dip compared to the previous year, primarily attributed to changes in licensing and processing revenues, the company witnessed an 11% decrease in share value over the past month, reaching a 52-week low of $10.02.
- RSI Value: 28.61
- CCRD Price Action: CoreCard observed a 2.5% decrease, ending at $12.94 in the last trading session.
- Recognizing the potential, Benzinga Pro’s signals have flagged a possible breakout in CCRD’s shares.