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.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
PayPal Holdings, Inc. PYPL
- Piper Sandler recently assumed PayPal with a Neutral rating and announced a price target of $85. The company’s stock has a 52-week low of $66.39 .
- RSI Value: 28.30
- PYPL Price Action: Shares of PayPal dropped 1% to settle at $68.33 on Tuesday.
Palo Alto Networks, Inc. PANW
- Palo Alto Networks recently announced medical IoT security to protect connected devices critical to patient care. The company’s stock has a 52-week low of $139.03.
- RSI Value: 23.94
- PANW Price Action: Shares of Palo Alto dropped 1.5% to close at $139.21 on Tuesday, and lost 0.1% in after-hours trading.
NetApp, Inc. NTAP
- JP Morgan recently downgraded NetApp from Overweight to Neutral and lowered the price target from $90 to $71. The company’s stock has a 52-week low of $58.16.
- RSI Value: 29.82
- NTAP Price Action: Shares of NetApp gained 0.1% to close at $59.05 on Tuesday.
Asana, Inc. ASAN
- Asana recently issued Q4 and FY23 sales guidance below estimates. The company’s 52-week low is $12.29.
- RSI Value: 28.25
- ASAN Price Action: Shares of Asana dropped 5.2% to close at $12.49 on Tuesday, and lost 0.4% in after-hours trading.
C3.ai, Inc. AI
- C3.ai was recently awarded three new orders from Missile Defense Agency under $500 million MDA production agreement. The company has a 52-week low of $10.33.
- RSI Value: 29.51
- AI Price Action: Shares of C3.ai fell 4.6% to settle at $10.40 on Tuesday, and lost 0.5% in after-hours trading.
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