The most oversold stocks in the communication services 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.
Magnite Inc (NASDAQ:MGNI)
- On Oct. 2, Needham analyst Laura Martin reiterated Magnite with a Buy and maintained a $15 price target. The company's stock fell around 8% over the past month and has a 52-week low of $6.28.
- RSI Value: 29.99
- MGNI Price Action: Shares of Magnite fell 10.8% to close at $12.36 on Tuesday.
- Benzinga Pro's real-time newsfeed alerted to latest MGNI news.
Shutterstock Inc (NYSE:SSTK)
- In an exchange filing on Aug. 22, the company notified John Caine that his employment as its Chief Product and Digital Officer will end, effective Aug. 23, 2024. Caine joined the company as Global Head of E-Commerce on January 30, 2023. The company's stock fell around 6% over the past five days. It has a 52-week low of $32.38.
- RSI Value: 28.00
- SSTK Price Action: Shares of Shutterstock fell 7.2% to close at $32.81 on Tuesday.
- Benzinga Pro's charting tool helped identify the trend in SSTK stock.
Eventbrite Inc (NYSE:EB)
- Eventbrite, on Aug. 21, announced that it engaged in repurchase transactions for of its 5.00% Convertible Senior Notes. The company's shares fell around 14% over the past month and has a 52-week low of $2.51.
- RSI Value: 26.12
- EB Price Action: Shares of Eventbrite fell 3.3% to close at $2.64 on Tuesday.
- Benzinga Pro's insiders feature was used to tracking insider trading in EB shares.
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