Oversold Opportunities in Communication Services Sector
The most oversold stocks in the communication services sector present an enticing opportunity to acquire shares in undervalued companies.
The RSI (Relative Strength Index) is a momentum indicator that compares a stock’s strength on up days to its strength on down days, providing traders with insights into potential short-term performance. A stock is typically considered oversold when the RSI falls below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, all with RSI near or below 30.
Global Mofy Metaverse Limited GMM
- Global Mofy Metaverse announced a $10 million follow-on offering on Dec. 29, 2023. The company’s stock plummeted approximately 51% over the past five days and hit a 52-week low of $3.93.
- RSI Value: 20.33
- GMM Price Action: Shares of Global Mofy Metaverse dropped 3.7% to close at $3.95 on Friday.
AMC Entertainment Holdings, Inc. AMC
- On Jan. 2, the company entered into a series of privately negotiated exchange agreements. AMC disclosed that it issued or will issue 3,258,657 shares of its common stock in exchange for $22.5 million of its Notes due 2026. The stock fell roughly 17% over the past five days and hit a 52-week low of $5.08.
- RSI Value: 26.16
- AMC Price Action: AMC Entertainment shares declined 2.5% to close at $5.17 on Friday.
Charge Enterprises, Inc. CRGE
- On Nov. 8, Charge Enterprises reported disappointing quarterly sales. Interim CEO and COO Craig Denson said, “Our third quarter results were highlighted by our Infrastructure segment once again, as shown by the 19% growth in revenue and 59% growth in gross profit versus the prior year, driven by strong project delivery within our electrical services business and momentum within our EV charging business, including the Greenspeed acquisition.” The company’s stock fell around 28% over the past month and has a 52-week low of $0.0910.
- RSI Value: 29.89
- CRGE Price Action: Charge Enterprises shares slumped 11% to close at $0.0931 on Friday.
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