The most oversold stocks in the industrials 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.
Rentokil Initial plc (NYSE:RTO)
- On Sept. 11, Rentokil Initial revised the guidance for the second half of FY24. The company projects organic revenue growth for North America operations to be about 1% in the second half of 2024, with operating profit anticipated to be impacted by higher sales, service, and other costs. The company's stock fell around 25% over the past month and has a 52-week low of $23.39.
- RSI Value: 29.83
- RTO Price Action: Shares of Rentokil Initial fell 0.6% to close at $23.55 on Tuesday.
- Benzinga Pro's real-time newsfeed alerted to latest RTO news.
Blue Bird Corp (NASDAQ:BLBD)
- On Oct. 3, Roth MKM analyst Craig Irwin downgraded Blue Bird from Buy to Neutral and maintained the price target of $48. The company's stock fell around 10% over the past five days. It has a 52-week low of $17.60.
- RSI Value: 27.62
- BLBD Price Action: Shares of Blue Bird fell 1.8% to close at $41.28 on Tuesday.
- Benzinga Pro's charting tool helped identify the trend in BLBD stock.
Concentrix Corp (NASDAQ:CNXC)
- On Oct. 3, Baird analyst David Koning initiated coverage on Concentrix with an Outperform rating and announced a price target of $70. The company's shares fell around 32% over the past month and has a 52-week low of $48.71.
- RSI Value: 17.33
- CNXC Price Action: Shares of Concentrix fell 5.6% to close at $48.74 on Tuesday.
- Benzinga Pro's signals feature notified of a potential breakout in CNXC shares.
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